116 STAT. 782 PUBLIC LAW 107-204-^ULY 30, 2002 blackout period to the issuer of any employer securities subject to such blackout period. " (3) EXCEPTION FOR BLACKOUT PERIODS WITH LIMITED APPLICABILITY.— In any case in which the blackout period applies only to 1 or more participants or beneficiaries in connection with a merger, acquisition, divestiture, or similar transaction involving the plan or plan sponsor and occurs solely in connection with becoming or ceasing to be a participant or beneficiary under the plan by reason of such merger, acquisition, divestiture, or transaction, the requirement of this subsection that the notice be provided to all participants and beneficiaries shall be treated as met if the notice required under paragraph (1) is provided to such participants or beneficiaries to whom the blackout period applies as soon as reasonably practicable. "(4) CHANGES IN LENGTH OF BLACKOUT PERIOD. — If, following the furnishing of the notice pursuant to this subsection, there is a change in the beginning date or length of the blackout period (specified in such notice pursuant to paragraph (2)(A)(iii)), the administrator shall provide affected participants and beneficiaries notice of the change as soon as reasonably practicable. In relation to the extended blackout period, such notice shall meet the requirements of paragraph (2)(D) and shall specify any material change in the matters referred to in clauses (i) through (v) of paragraph (2)(A). " (5) REGULATORY EXCEPTIONS. — The Secretary may provide by regulation for additional exceptions to the requirements of this subsection which the Secretary determines are in the interests of participants and beneficiaries. "(6) GUIDANCE AND MODEL NOTICES.— The Secretary shall issue guidance and model notices which meet the requirements of this subsection. "(7) BLACKOUT PERIOD. — For purposes of this subsection— "(A) IN GENERAL. —The term 'blackout period' means, in connection with an individual account plan, any period for which any ability of participants or beneficiaries under the plan, which is otherwise available under the terms of such plan, to direct or diversify assets credited to their accounts, to obtain loans from the plan, or to obtain distributions from the plan is temporarily suspended, limited, or restricted, if such suspension, limitation, or restriction is for any period of more than 3 consecutive business days. "(B) EXCLUSIONS.— The term ^blackout period' does not include a suspension, limitation, or restriction— "(i) which occurs by reason of the application of the securities laws (as defined in section 3(a)(47) of the Securities Exchange Act of 1934), "(ii) which is a change to the plan which provides for a regularly scheduled suspension, limitation, or restriction which is disclosed to participants or beneficiaries through any summary of material modifications, any materials describing specific investment alternatives under the plan, or any changes thereto, or "(iii) which applies only to 1 or more individuals, each of whom is the participant, an alternate payee
�
