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 issuers to promptly disclose publicly any information 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 on the appropriate form or it 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 goal of reducing selective disclosure is certainly important not only to the Commission, but also to the global markets. I merely urge that we, as regulators and as market participants, proceed carefully and not seek to fix that which is not broken.