We have addressed the questions raised in the Release that are the most relevant for our members, and have commented on several issues that were not directly raised in the Release as well. We do encourage the Commission, however, to consider adopting such a shift for the satisfaction of delivery obligations to investors who we feel can be presumed to have access to electronic media. We believe that the penetration of Internet use now encompasses a broad base of investors - and these investors know about and frequently visit corporate Web sites. This percentage likely has gone up in the wake of Regulation FD and the related widespread publicity about the growth of online communications from companies to investors. We believe that corporate Web sites are dynamic and not static parts of an issuer's business.
Most companies have more than one Web site and have at least one intranet.
It is quite difficult for any one person or department to keep apprised of a company's activities online. This obligation creates either an unreasonable burden for issuers or an undue level of potential liability. As more business is conducted on the Web, it appears unrealistic for an issuer to momentarily change its business strategy and revise its Web site until an offering is complete. We believe these procedures are consistent with investor protection, facilitate investor research and will foster an informed investing public. We appreciate the Commission's guidance regarding how the antifraud rules may apply to issuers who provide hyperlinks to third party content and understand the SEC's desire not to draw bright lines.