NEW YORK--()--Regarding the SEC's recent webcast concerning news dissemination and the use of corporate web sites and/or blogs as a possible means of disclosure, Business Wire believes it is wise to wait until the SEC's interpretive guidance is published before issuing a detailed response.
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, on-line web portals, aggregators, and the global investing public. Neither does it accomplish the requirements of the major stock exchanges.
There is currently much speculation and misinformation surrounding the SEC's upcoming report. However the CIFiR Report (SEC's Advisory Committee on Improvements to Financial Reporting) is available and we urge you to review it: http://www.sec.gov/about/offices/oca/acifr/acifr-finalreport.pdf.
Upon the issuance of the SEC's complete interpretive guidance report, Business Wire will provide a more detailed analysis and response.