Final answer:
Access persons must submit transaction reports within 30 days after the end of each calendar quarter, as required by the Investment Advisers Act of 1940, Rule 204A-1, to prevent unethical trading practices like front-running.
Step-by-step explanation:
The question you're asking refers to the Investment Advisers Act of 1940, which is a regulation that governs investment advisors. According to Rule 204A-1 of the Investment Advisers Act of 1940, an access person must submit a transaction report no later than 30 days after the end of each calendar quarter, in which any reportable securities transaction occurred during the previous quarter. The report must detail all transactions in reportable securities in which the access person had, or by which they acquired, any direct or indirect beneficial ownership. The purpose behind this requirement is to prevent illegal or unethical practices such as front-running, where those with nonpublic information might trade securities for their own benefit ahead of their clients'.