To: StockDung who wrote (14386 ) 10/22/2000 8:42:51 AM From: Mama Bear Read Replies (1) | Respond to The problem with the '24 hour' clause is that's not the way the rule reads on the SEC web site.The timing of the required public disclosure depends on whether the selective disclosure was intentional or non-intentional; for an intentional selective disclosure, the issuer must make public disclosure simultaneously ; for a non-intentional disclosure, the issuer must make public disclosure promptly ." sec.gov Under Rule 100(a)(2), when an issuer makes a covered non-intentional disclosure of material nonpublic information, it is required to make public disclosure promptly. As proposed, Rule 101(d) defined "promptly" to mean "as soon as reasonably practicable" (but no later than 24 hours) after a senior official of the issuer learns of the disclosure and knows (or is reckless in not knowing) that the information disclosed was both material and non-public. "Senior official" was defined in the proposal as any executive officer of the issuer, any director of the issuer, any investor relations officer or public relations officer, or any employee possessing equivalent functions.
