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Pastimes : Georgia Bard's Corner -- Ignore unavailable to you. Want to Upgrade?

To: JCinTC who wrote (5224)	4/9/1999 2:49:00 AM
From: Ga Bard	Read Replies (1) \| Respond to of 9440

sec.gov It is GREAT news ... Now all these so called investor relations advisors that scalp, short against the block, etc. are tagged. Basically, they are out of business. There are opportunities for abuse - the potentials that exist for persons trying to take advantage of the relative freedom that prevails - are only too evident. Steve King got 200K he did not pay for and sold at the high in his own promotion, then was buying back at the low. Going before the SEC was a learning experience (I even made notes from memory when I got home) and then came the news on the scalping ... Grrrr. but that is what a lot of these so called PR and IR firms are doing for a living. 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. This has been abused over the years with compensation in free trading stock and options. This year when I became the IR for two companies I took stock options but now that is illegal. Another rule is full disclosure which I have complied with to the max. I believe my negotiated restricted shares made it. Anyway, this new ruling will clean up this crooks loop hole where unethical types have flourished. It is taking a while ... but the law is coming to the internet. Gary Swancey Private investor & paid IR for DMEC & CNHH compensated in cash and stock options