NIRI spells out its Reg FD concerns

Vienna, VA: The National Investor Relations Institute (NIRI) has

written to the SEC with its recommendations to improve year-old SEC Reg


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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