And this paragraph:
seclaw.com
The truly amazing part in all of this is that the government is taking the lead here, and is actually giving the industry clues as to how it is thinking. The regulators are being progressive. The National Association of Securities Dealers (NASD), in an unpublished statement, said that electronic communications should be treated the same as traditional communications. The SEC has gone even farther, and published its approval of electronic delivery of prospectuses. (That release is available on the Web. A few states have changed their solicitation regulations to make it clear that Web use is not prohibited. Pennsylvania, in its "Internet Order," made that clear in August, 1995.
--------
And this
--------
However, the scope of the Internet makes these boundaries less certain. If you take an introductory letter, which many states consider a solicitation, and post it on the World Wide Web, it is available to anyone with a computer, regardless of where they live. Brokers could post a message to a newsgroup about a particular security or send e-mail to a group of individuals. When an investor in Texas downloads the letter and reads it, did the broker just solicit a transaction? Unfortunately, depending on the content of the letter, the traditional answer is yes. If the letter had been sent by mail, it would be deemed a solicitation. |
