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Non-Tech : Market Makers - What They Do and How They Do It -- Ignore unavailable to you. Want to Upgrade?

To: Savant who wrote (377)	8/10/2000 11:32:46 AM
From: Savant	Read Replies (2) \| Respond to of 429

Selective Disclosure Rule//Toothless Tiger?? No legal recourse for the plebs...'unintentional'..gimme a break. SEC passes rule to prevent selective disclosure by firms By BridgeNews Washington--Aug. 10--The Securities and Exchange Commission on Thursday approved a rule designed to prevent companies from disclosing important information to a select few--namely Wall Street analysts and large institutional investors--before providing it to the rest of the public. Under the rule--which was proposed by the SEC in December and approved with a 3-to-1 majority--a company must share information that could have a substantial impact on its stock price with the public at the same time as research analysts are told on conference calls or in private meetings. The securities industry fought the regulation, saying it would stifle the flow of communication between corporate officials and analysts. Specifically, analysts have argued it will make it harder for them to obtain critical information and assist their clients in making wise investment decisions. However, the SEC has received an outpouring of letters from thousands of individual investors praising the rule. The rule will exempt the news media and ratings agencies such as Standard & Poor's and Moody's Investors Service. The proposal also will not apply to information shared with a company's customers or vendors. In addition, the SEC said a company's unintentional failure to adhere to the rule's provisions should not be the basis for a civil lawsuit by private parties charging fraud and seeking damages. End