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To: Saulamanca who wrote (58138)	8/11/2000 3:09:10 PM
From: long-gone	Respond to of 99985

It's only a start, it's headed for $630

To: Saulamanca who wrote (58138)	8/11/2000 4:17:37 PM
From: Saulamanca	Respond to of 99985

"Selective Disclosure : Yesterday the SEC voted 3-1 to tighten controls on public companies' disclosure of material information. While brokerage firms and the media were fighting the SEC on the new rules, individual investors should cheer the decision. But only briefly. This was a necessary first step in levelling the playing field, but only a first step -- much remains to be done. The rule approved yesterday forbids company executives from discussing material information with market professionals without simultaneously making that information public. The committee backed down from more stringent rules, most notably by not extending this rule to material disclosures to the media. Certainly the media has a right to try and coax corporations into material disclosures, though it's not clear why corporations should be allowed to disclose such information to a Wall St Journal reporter but not a sell-side analyst. In either case, there is the risk that some people gain access to the information before others (particularly in the event that a high-priced subscription based service breaks the news first). The other key omission by the SEC was the unwillingness to change the definition of what public disclosure actually means. Currently, a press release delivered via either PRNewswire or Business Wire constitutes public disclosure. But how many individual investors have access to these press releases at the same time that institutional investors do? A show of hands please... Not many is the answer. Because the press release vendors only make these "public" releases available to high-priced subscription news services in real-time, individual investors are typically operating at a 15 minute disadvantage. If the SEC really wants to level the playing field, they will mandate that corporations file these press releases with the SEC at the same time that they make them available to PRNewswire and Business Wire. The SEC could then maintain a site that delivered these press releases in real-time for all to see. That would be fair. But it would also severely compromise the businesses of the newswires and the press release services, so don't expect this to happen without a huge fight. But this is a good fight, and if you believe in it, write to the SEC at chairmanoffice@sec.gov and tell them. It will change eventually, let's accelerate the process. - Greg Jones, Briefing.com" briefing.com