Interesting article from the Financial Post on chat groups, rumors, employee participation etc.
Friday, August 14, 1998
TSE issues guidelines for Internet chat
By THOMAS HIRSCHMANN
The Financial Post
The Toronto Stock Exchange has taken note of the proliferation of Internet rumors about
listed companies with a set of proposed electronic communications guidelines.
The guidelines, released yesterday, are primarily intended to provide standards for
information posted for investors on the Internet. They also suggest ways for companies to
respond to rumors in chat or news groups.
The TSE "recommends against a company participating on a chat-room or news group to
dispel or clarify a rumor."
Instead, the firm should tell the TSE's market surveillance unit, and if the data is false and
influencing the share price, it should consider issuing a news release.
The TSE also wants companies to "prohibit its employees from participating in Internet chat
rooms or news groups in talks relating to the company or its securities."
All postings on company Web sites must conform to TSE and securities regulators'
disclosure rules.
The exchange said the aim of the guidelines is to set a standard for information
disseminated on Web sites aimed at investors.
It recommends all information given to analysts and institutional investors be made available
to all investors via the Web, but promotional material should be excluded.
The guidelines are posted on the TSE Web site, tse.com, for comment until Oct. 31, when
they will be revised and issued in final form.
|
