Business Wire’s Preliminary Comments on SEC Disclosure Vote

We know there has been much discussion in the past day with regards to the SEC’s statement on websites and disclosure. Our press release issued today indicates that before we can issue a detailed response, we are waiting until the SEC’s interpretive guidance is issued.

However, we continue to maintain that simply posting material news on a corporate web site or using blogs does not meet the spirit and intent of Regulation FD because it is neither simultaneous, nor full and fair. It is Business Wire’s belief that this is not what the SEC intended.

As we have stated in the past, the use of web sites as an ancillary means of news dissemination is, in our view, a best practice. However, web posting or blogs alone are not a substitute for secure and simultaneous push delivery of material news to the disclosure media, financial markets, online web portals, aggregators, and the global investing public. Neither does it accomplish the requirements of the major stock exchanges.

3 Responses to Business Wire’s Preliminary Comments on SEC Disclosure Vote

  1. John says:

    …..but you’re not biased or anything…….

  2. John,
    Of course we’re biased. We don’t hide that fact that this blog is written by employees of Business Wire and we are a key part of the news dissemination process. Often times, others that blog or write about this issue are less than transparent about their biases and how they hope to gain financially.

    Our follow-up post provides further detail from us on the SEC issue: http://businesswired.wordpress.com/2008/08/08/the-secs-interpretive-guidance-on-the-use-of-company-web-sites-a-reality-check/

  3. [...] ability to use them for dispensing news and opinions, I wanted to sound a note of caution. Unlike the wire services that likewise urged the SEC to reconsider whether material information may be distributed via [...]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 38,024 other followers

%d bloggers like this: