I do, and I reiterate that as long as selective disclosure continues, our markets are not fair. The proposed rule calls on issuers to disclose material information publicly and not selectively. It also directs an issuer to promptly disclose publicly any information that it inadvertently disclosed selectively. Regulation FD does not require issuers to disclose material developments when they occur. Two ways mentioned in the release are that the issuer may file the information with the SEC or they may disseminate it via a website.
Many companies are reluctant to engage in the wholesale sharing of information.
In the current process, which is undeniably flawed, financial analysts serve a useful function in ferreting out and evaluating information. This generally provides the market with a superior assessment of the issuer's performance and prospects. In turn, this promotes efficient markets and moderates market volatility that can result from uninformed investor reaction to news about issuers. The comment period for this release has recently ended. Again, the SEC staff will begin the arduous process of assembling and weighing the commentary on this very important issue.