It was intended to put all investors on a level playing field. At the same time, many of the 32 participants in the SEC's roundtable forum said it was too early to determine the full impact of Regulation FD since it is only six months old. Several said the commission should refrain from action until more can be learned. Unger, who was the only commissioner to vote against the rule, told BNA after the day's proceedings that the commission will likely take some action, although she said she needed some time to digest all that was discussed. Unger said she is planning to issue a report on Regulation FD some time in the next two months.
Nobody thinks it's written in stone.
The same sentiment was expressed by Herbert Wander, an attorney from Katten Muchen Zavis. He said the SEC should simply reiterate that it is up to the industry to sort out what materiality means, using what is spelled out in the regulation and definitions prescribed by the U.S. Supreme Court. Wander suggested that the SEC clarify Staff Accounting Bulletin 99, which also deals with the materiality question. Wander, who has practiced securities law for nearly 40 years, disagreed. Blumstein said the commission should provide specific examples of what is acceptable.