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To: BDR who wrote (36445)	12/12/2000 12:26:41 AM
From: BDR	Respond to of 54805

OT- A note regarding implementation of Reg FD From the "FreeEDGAR News" <secrets@freeedgar.com>: SECrets Newsletter 12.11.00 11 Dec 2000 13:11:43 -0700 QUESTION: Much has been discussed about complying with the SEC's new Regulation FD. But, what actually happens to those found in violation of the rule? ANSWER: The SEC explicitly stated that FD does not create a private right of action - i.e. class action plaintiffs' lawyers can't sue you for violating FD. The SEC can commence an enforcement proceeding against you (either administratively or in federal court) for engaging in selective disclosure. The selective disclosure must be considered "reckless" or "intentional" to justify relief. The SEC will be looking for egregious examples to bring as test cases. -- Answered by Boris Feldman of Wilson Sonsini Goodrich & Rosati, Palo Alto, CA