Vienna, VA: The National Investor Relations Institute (NIRI) has
written to the SEC with its recommendations to improve year-old SEC Reg
FD.
The letter, in response to a request last month by SEC chairman Harvey
Pitt, also contained a Reg FD status report, as recorded by a survey of
NIRI members, representing more than 2,700 public companies.
While the letter said NIRI considered Reg FD to be accomplishing its
primary disclosure objectives, it did ask the SEC to clarify such issues
as distinguishing materiality, restrictions on one-on-one analyst
meetings, and how far into a quarter a company should update its
earnings guidance.
NIRI also asked for clarification on the Reg FD media carve-out, saying
that some reporters have attempted to pressure IR officers into
providing non-public information to the media.
Arguing that the digital divide does not apply to the investor audience,
NIRI also urged the commission to recognize web postings, along with
news releases, as a means of full disclosure - providing the company
also files SEC forms.
The NIRI survey found that 94% of its members use news releases to
notify investors and the media of investor presentations.
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