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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: Anthony@Pacific who wrote (60449)10/12/2000 6:29:11 PM
From: StockDung  Read Replies (1) of 122088
 
Does not look good for on-the-spot.com->SEC disclosure rule still set for Oct. 23


WASHINGTON, Oct 12 (Reuters) - The Securities and Exchange Commission said Thursday its fair disclosure rule will go into effect as scheduled on Oct. 23 despite a plea from an investor relations group asking for a post-Christmas extension.

The SEC reaffirmed the effective date for the measure, which forces companies to report major news to all investors at the same time, and would no longer give the news to institutional investors and analysts earlier.

The National Investor Relations Institute (NIRI) in Vienna, Va., representing investor relations officers at publicly traded companies, had asked the SEC to delay the date to Dec. 29 in order to give companies more time to prepare.

NIRI President Louis Thompson said: "We are extremely disappointed in the SEC's gross insensitivity to the reality of today's volatile market, where the last thing we need is more volatility created by the disruption in ongoing earnings guidance as companies sort out how they will adjust their disclosure policies to comply with" the new rule.

The NIRI's request was one of several the SEC received from publicly traded companies, legal associations and trade groups that sought a delay.

The SEC said in a release that it is "committed to helping affected parties understand and apply the new rule" before and after it goes into effect.

17:30 10-12-00
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