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To: im a survivor who wrote (503)	4/9/1999 1:41:00 PM
From: im a survivor	Respond to of 582

Big Changes Looming for Disclosure Rules The SEC is nervous because some investors are making big money by getting early information. As a result, the regulators are thinking about tightening disclosure rules to make companies announce news to all investors at the same time, according to a New York Times Online article by Melody Petersen. SEC lawyers are reviewing the matter of companies giving early information to analysts and investors before the general public. So, a review is underway, and it might take as long as nine months before news disclosure rules are announced for public companies. One result might be a rule ordering companies to issue news releases with any significant new information they plan to tell analysts or certain investors at invitation-only meetings or during conference calls that are not open to the public or even to news media. One reason for the SEC's caution in taking months to come to any decisions is that they don't want any new rules to reduce the amount of information that companies give to analysts and the public. SEC chairman Arthur Levitt, the Times article noted, "has criticized companies for selectively disclosing key information to certain investors. "Levitt has pointed out, for example, how some corporate executives often call their favorite stock analysts to discuss earnings results before the numbers are released to the public." Some background observations: Contemporary disclosure rules date back nearly 30 years to the Texas Gulf Sulphur (Canada) and Pig 'n' Whistle (Chicago) cases in the early 1970s. In recent years the analysts meetings and telephone conference calls have become an industry unto themselves. As a result, the SEC fears, the little guy is left out of the picture and can be financially damaged or lose financial gains by being at the tail end of the information chain. It's probably the volume/frequency of the private meetings and phone hook-ups that has caught SEC attention in that the whole disclosure foundation could erode if steps aren't taken at this time.

To: im a survivor who wrote (503)	4/9/1999 1:43:00 PM
From: im a survivor	Respond to of 582

Beginning April 7 it will be illegal for an outside investor relations consultant to take stock in his client company instead of dollars. That was the mid-March ruling by the SEC.

To: im a survivor who wrote (503)	4/9/1999 1:47:00 PM
From: im a survivor	Respond to of 582

sec.gov

To: im a survivor who wrote (503)	4/9/1999 1:51:00 PM
From: im a survivor	Respond to of 582

. In case no one knew there is a code of ethics. Investor Relations Code of Ethics should be communications into the stock marketplace of the bad and the good about a company - communication of relevant, timely information to the owners and potential owners and their advisors - is the key function of investor relations. Because of an absence of rigid regulation, persons practicing investor relations must have the discipline to limit themselves to communications as opposed to trying to manipulate markets, in order, for example, to try to increase the value of shares. (That's a NO NO) This is not an altruistic stance, but one soundly based on the common law, the Securities and Exchange legislation of the 1930's and the developing mainstream of greater disclosure to shareholders over the years. The practice of investor relations demands integrity. (Note: let someone lose money on a stock ... the innuendo witch-hunters will be out in force) 1. The function of investor relations is effective, timely communication of information, favorable and unfavorable, about the company or the client companies into the marketplace for shares and to other groups, so that better informed judgements of the worth of shares can be made on a regular basis. 2. Only a person who has reasonably full access to all pertinent information about the company, be it favorable or not, should participate in the process of working one-by-one with the investment analysts who follow a company. The Code I. An investor relations practitioner should assist in maintaining the integrity and competency of investor relations. II. An investor relations practitioner should assist in preventing the unethical or improper practice of investor relations. III. An investor relations practitioner should preserve the properly confidential information of an employer or client. IV. An investor relations practitioner should exercise independent professional judgement on behalf of an employer of client. V. An investor relations practitioner will keep himself abreast of the affairs of his company or client and the laws and regulations affecting him and the practice of investor relations so that he will discharge his responsibilities competently. VI. An investor relations practitioner should recognize his obligation to continually assist in maintaining and improving the free access of individuals to a healthy securities market. VII. An investor relations practitioner should avoid even the appearance of professional impropriety.