Comments on Proposed Rule:
Selective Disclosure and Insider Trading
Release Nos. 33-7787, 34-42259, IC-24209, File No. S7-31-99
Author: "Summerwind Farm" at Internet
Date: 04/25/2000 5:45 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proproposed Regulation FD File # S7-31-99
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Dear SEC,
I am an individual stock holder and feel this regulation is needed to keep a
level playing field for the small investor vs the large firms. FAIRNESS without
preferential "preinformation" .
Remember this America, lets keep it FAIR in as many respects as possible.
You have the obligation and the ability to do so.
Thank you,
Liz Alward
25275 Kaufman
Red Bluff, CA 96080
530 529 1641
Author: willard bigelow at Internet
Date: 04/25/2000 9:09 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Why should any large orginization require goverment's help in controling
the flow of information?
Lets level the playing field for all investors. If a company has good
or bad information, that company should inform the public, not a small
handful of investment houses that can generate a profit from this
information.
Will Bigelow
Author: "Greg Bliss" at Internet
Date: 04/25/2000 7:23 AM
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TO: RULE-COMMENTS at 03SEC
CC: at Internet
CC: at Internet
CC: at Internet
CC: at Internet
CC: "Barry Beavers" at Internet
CC: "John Bell" at Internet
CC: "Mike McGee" at Internet
CC: "Wilson Ho" at Internet
CC: at Internet
Subject: Proposed Regulation FD File # S7-31-99
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Gentlemen
As a small investor who knows other small investors, we believe in total
fairness and total sunshine for all. Please level the playing field and do not
allow "select few" priviledged information that should be available to all.
Greg Bliss
Author: "Borer; Chris" at Internet
Date: 04/25/2000 9:05 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Dear sirs,
When I read this, including the letter from the SIA, I was dismayed and
insulted. That the Wall Street traders think I can't read a financial
report because I don't work as a stock broker and that I need them to
interpret things for me and *before* me is absurd.
We should have a level playing field of information. If the professional
stock brokers are that much better than laypersons and truly are necessary,
it won't affect them at all. People would go on "needing" them. But if, as
I think, they simply want first dibs on information that can affect
everyone's stock, to benefit themselves and keep customers, the level
playing field will prove they are no longer needed and simply living off
tradition. And a tradition without reason is simply a mistake repeated.
Thank you,
Chris Borer
Author: "Brewer; Rick V" at Internet
Date: 04/25/2000 8:34 AM
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Receipt Requested
TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I am one of the masses of individual investors and I will agree that I still
have a lot to learn about investing. Learning what to look for in all of
the data currently available on each company that interests me is made
easier by a website called the Motley Fool. My current portfolio is in the
black (or Green) over the long term (two tears) and I continue to increase
my knowledge of the research process.
There will always be a number of individuals and possibly analysts that will
take the knee jerk approach to investing, but hopefully that number will
decrease as investors continue to learn about the information that is
available and how to use it. The individual investor will also be better
off if certain information is not filtered through analysts who may have a
stake in how well certain stocks perform.
I plan to continue my own analysis and pick the stocks that I believe will
be the best long term performers
Richard Brewer
work 301-757-8871
home 301-884-5637
email rickb@tqci.net
Author: "mike and karen" at Internet
Date: 04/25/2000 9:32 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99"
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To whom it may concern:
Thank you for the opportunity to make my opinions heard. I agree with the
SEC that "selective disclosure" undermines the credibility of the marketplace
and must be eliminated.
Companies have come to realize that the power of the Internet has created a
whole new demand for real-time access to corporate information on the part of
individual investors, and the problem of analysts and professional investors
using selectively disclosed information in advance of public release to
manipulate the market has been and is a real problem. In my opinion the markets
have been and will continue to be manipulated unless some action is taken.
I whole heartedly support Proposed Regulation " FD "
Mike Burke
Author: at Internet
Date: 04/25/2000 9:03 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I am writing in support of the Commission's efforts to put an end to the
practice of selective disclosure currently employed by publicly held
companies and their favored market analysts. The lynchpin of the efficient
market hypothesis, on which we rely to accurately value stocks for the
benefit of all investors (including those who lack the time or resources to
school themselves in the intricacies of valuation), is information.
Selective disclosure allows companies to allocate that valuable resource
(information) to selected analysts-and in turn to those analysts' favored
investors-before the trading public has an opportunity to react. Selective
disclosure is effectively a form of insider trading. As an individual
investor, I urge the Commission to implement Regulation FD and to resist
Wall Street efforts to weaken its provisions.
Thank you,
Marinn F. Carlson
Author: at Internet
Date: 04/25/2000 7:22 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I urge you to change the rules to ensure fair disclosure in the marketplace
rather than selected disclosure as it now exists.
Thank you,
Judy Carpenter
Private Investor
Author: at Internet
Date: 04/25/2000 9:40 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Please make all corporate information accessible to the public. It is
important for all investors to be able to make informed decisions.
Joanne R. Chapin
Author: "Bret Clark" at Internet
Date: 04/25/2000 7:50 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I support to change the rules that currently allow companies to give important
information to Wall Street analysts without simultaneously giving the news to
the public at large
Bret Clark
Director of Product Development
Vitts Networks
http://www.vitts.com
Author: Jeffrey Coleman at Internet
Date: 04/25/2000 7:44 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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There should be no Selective Disclosure allowed. It is
fundamentally unfair.
Jeffrey C. Coleman
MIS - B&N Distribution
Jamesburg, NJ
732-656-2315
jcoleman@bn.com
Author: Joe Dailey at Internet
Date: 04/25/2000 7:37 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I applaud this effort to ensure that the free flow of information regarding
securities is not limited to the customers of the large trading firms. Much
of the free market theory is predicated upon the free flow of information
this regulation is a step towards ensuring that our capital markets remain
open to investors of all sizes.
Joe Dailey
Author: Randy Dinger 278 at Internet
Date: 04/25/2000 7:37 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Reg FD: File No. S7-31-99
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I support the proposed changes being considered by the SEC. Please don't
let a lot of big bucks from Wall Street lobbyist but a different decision.
There are obviously lots of dollars to potentially be spent if Wall Street
wants continue to fight.
Randy Dinger
Private Investor
Electrical Engineer
Author: Mark Douglass at Internet
Date: 04/25/2000 9:09 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Re: Proposed Regulation FD: File No. S7-31-99
I would like to encourage you to adopt the regulation that would stop
selective disclosure to securities analysts and open up company
information to all investors at the same time, giving everyone a fair
and equal opportunity.
Thank you.
D. Mark Douglass
The University of Michigan
Author: "Kathy Eberle" at Internet
Date: 04/25/2000 7:55 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Companies should not be allowed to give out certain information only to Wall St.
analysts, before divulging it to the general public. Individual investors count
on the availability of all public information, and they absolutely should have
it.
Katherine Eberle
An individual investor
Author: "Joseph E.Elrod III" at Internet
Date: 04/25/2000 9:07 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Please adopt the proposed regulation FD banning selective disclosure. This
will put investors on an even footing for the first time in the history of
the securities industry. In today's world of instant communication via
electronic means, this is something about which there can be no serious
objection.
J.E. Elrod III
Greensboro, NC
Author: John Engelbrcht at Internet
Date: 04/25/2000 9:29 AM
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TO: RULE-COMMENTS at 03SEC
Subject: S7-31-99
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Information provided to "analysts" should be available at the same time
to the "public". The "analysts" are usually involved with financial
institutions which benefit from "churning of securities" or who can take
steps to maximize the yield resulting from earnings reports. It was bad
enough when they presented projected numbers of earnings but now they
have the additional "wispered numbers" which leaves the public
wondering what to believe.
Author: Chad Everett at Internet
Date: 04/25/2000 9:28 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Everyone should be subject to Full Disclosure - no more selective disclosure
for analysts and "those in the know"...
---
Chad Everett
ceverett@informedbeverage.com
Author: Keith Fletcher <943140722@postoffice.worldnet.att.net> at Internet
Date: 04/25/2000 6:10 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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The proposed rule is an important, and long overdue, leveling of the
playing field in regards to access of corperate information by the
general public. In letting the current system stand the Commission would
be continuing a practice that is not only unfair to the public, but also
to analysts that are not on the "favored" list. I stongly urge that this
rule be put in place.
Author: Michael P Gabriele at Internet
Date: 04/25/2000 8:26 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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To have your voice heard, click on rule-comments@sec.gov and put
"Proposed Regulation FD: File No. S7-31-99" in the comment header,
and sign your name and company affiliation if any.
M. Gabriele
Author: Tom Grega at Internet
Date: 04/25/2000 5:47 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I believe that I am capable of making sound judgments
and do not need the SEC nor a stock analysts to review
the information for me to prevent me from making a
rash decision. I can always read their opinion if I
wish a additional take on a given issue
What you should concern yourself with is raising the
margin to at least 65% as it was 20+ years ago - this
would in of itself cut the monkey business in place at
the current market and lead to a stable market.
=====
Tom Grega
tomgrega@yahoo.com
"If Happiness is what you want - want what you have"
- Buddha
Author: "C. Andy Grismer" at Internet
Date: 04/25/2000 9:40 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Dear SEC official,
It is disturbing to learn that companies of which I may be a shareholder may
be sharing information with selected analysts that aren't shared with me.
Please do not allow selective disclosure.
Sincerely,
C.A. Grismer
Author: harris at Internet
Date: 04/25/2000 8:13 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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This is a great idea. Individual investors are smart enough to analyze
companies on their own now that the Internet has given them easy access
to all the same information analysts have.
--
Harris H. Hall, CFA
(212) 784-9210
http://www.processtree.com
For-pay distributed computing
Isn't it time your computer started paying for itself?
Author: "Harmon; Jason" at Internet
Date: 04/25/2000 8:51 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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It is amazing that this is even an issue. Why should analysts be able to obtain
information before everybody else? Over the last five years, the market playing
field has leveled out a bit to give individual investors the same opportunities
that the so called analysts do, and look what has happened to the indices! Not
to mention the fact that the majority of the analysts are no smarter than your
average individual investor, and I am sure that this proposal is simply a means
for them to justify their existance.
Freeflow of information is critical to the overall success of this economy, and
if you cut out a large portion of the investors who made it what it is today,
you would be performing an extreme disservice.
Jason Harmon
Iams/Procter & Gamble
Author: "warrenhewett" at Internet
Date: 04/25/2000 8:32 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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As a private investor, I support the proposed regulation requiring public
companies to more
fully disclose material information to the public. The current system
encourages
inside trading by brokers and agents against the interests of their clients.
sincerely,
Warren D. Hewett, Jr.
102 Marlbrooke Way
Kennett Square, PA 19348
Company affiliation: E. I. DuPont (retired)
Author: eugenes@t-online.de (ESE) at Internet
Date: 03/26/2000 1:32 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Proposed Regulation FD: File No. S7-31-99
Information about publicly traded companies MUST BE DISCLOSED TO THE
PUBLIC, not only to the *chosen* few.
Eugene Kallenbeg
Boston/Frankfurt
Author: "Kinderman; Erin" at Internet
Date: 04/25/2000 8:54 AM
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Receipt Requested
TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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It is wrong to not fully disclose information especially in today's market.
What makes the analysts any better that the public to know about important
information first when both the public and the analysts are in this
together? If this law is passed, then I will be kept out of the market's
circle. Is that what the SEC wants???????
Author: "George F. Klipfel II" at Internet
Date: 04/25/2000 4:22 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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As a small investor, I applaud the efforts of the SEC to help level the
playing field. Any information about a public company should be made
available to all at the same time. Selective disclosure is inherently unfair
to all investors. My thanks, also, for encouraging public comment.
Sincerely,
George F.
Klipfel II MT(ASCP)
67380
Garbino Road
Cathed
ral City, CA
Author: "Ken Kruse" at Internet
Date: 04/25/2000 8:42 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Selective Disclosure is unfair to the great majority of investors who get inside
information after a select group has gotten the information and had an
opportunity to act on that information. There are altogether too many instances
of insiders acting on information prior to its dissemination to the general
public. This results in a very uneven playing field. No wonder the industry is
opposed to the change.
To maintain the integrity of the marketplace it is important that the Securities
and Exchange Commission adopts the proposed Selective Disclosure rules. With
the existing technology we have today there is no reason for the public not to
have contemporaneous access to the information provided to select analysts.
Ken Kruse
Author: "Rick & Sandi Kushner" at Internet
Date: 04/25/2000 7:55 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File. S7-31-99
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Dear Sir or Madam
Freedom of Information.
Thank You
Richard J. Kushner
Author: Arlo Ledet at Internet
Date: 04/25/2000 8:26 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Reg FD:file no. S7-31-99
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Level the playing field make all information available to the
public. Arlo E. Ledet 54303 306th Lane ,Huxley, Iowa 50124
Author: "Rob Ledoux" at Internet
Date: 04/25/2000 8:09 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I say NO to this proposal.
I cannot understand this proposal.
This would once again mean. Unless I can afford an expensive Broker to
manage all your money. Your not on the same playing field. I understand
Analysts probably spend more time and money on research then individual
investor.
However if a company has trouble or doing great, Wall street could jump in
much sooner and therefore be ahead of the game.
If I buy shares and therefore own a piece of the company, should I not be
entitled to the information at the same time?
How am I suppose to get ahead is everything is a secret?
Thanks
Rob Ledoux
Author: at Internet
Date: 04/25/2000 7:07 AM
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TO: RULE-COMMENTS at 03SEC
Subject: File No. S7-31-99
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As an investor in the financial markets, I would appreciate a level playing
field and receive the same information that analysts receive regarding my
investments. It is my belief, that the distortion coming from CNBC gives a
biased opinion with little or no disclosure regarding companies being
discussed by their experts.
Thank You
Richard E. Leja
Author: "Armando Lenis M.D." at Internet
Date: 04/25/2000 7:56 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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"Proposed Regulation FD: File No. S7-31-99"
Armando Lenis
2401 South 31st. St.
Temple. Texas. 76508
lenis@vvm.com
Author: Greg Linton at Internet
Date: 04/25/2000 7:00 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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As an individual investor, I support this proposed regulation.
Greg Linton
greg.linton@gte.net
Author: "Mike Maloy" at Internet
Date: 04/25/2000 9:19 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Wall Street and market makers should not get advance notice of company news and
information. Investors need a fair playing field and should have access to news
- good and bad. For too long market makers have been able to set prices with
this information. It's just not fair, they are reaching into the pockets in the
general public risk-free!
Michael Maloy
137 Lincoln Ave
Saratoga Springs, NY 12866
Author: "Timothy A. Malloroy" at Internet
Date: 04/25/2000 6:00 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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It is extremely important, with the current involvement of the general
public with investing in the stock markets, that fair disclosure be
enacted. I ardently support this proposed regulation providing the
general public with a level, fair playing field for investing.
--
Best Regards,
Tim Malloroy
Owner
JT World Shopping
Author: at Internet
Date: 04/25/2000 9:36 AM
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TO: RULE-COMMENTS at 03SEC
Subject: "Proposed Regulation FD: File No. S7-31-99"
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"Proposed Regulation FD: File No. S7-31-99"
I just want to go on record as an investor opposing selective disclosure.
Bronwyn Mills
Author: "Gale Perry" at Internet
Date: 04/25/2000 8:17 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I strongly support The Securities and Exchange Commission (SEC) to stop the
selctive disclosure of companies, and allow the public the same infomation.
Please consider this my vote for full disclosure and let my voice be heard. G.
Perry
Author: William Pietri at Internet
Date: 04/25/2000 8:13 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I urge you to end selective disclosure.
Sincerely,
Karl Pietri
Student and Investor
Author: jptd at Internet
Date: 04/25/2000 9:05 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I am in favor of a level playing field between investors and analysts.
What sense does it make for investors not to have the same information
as an analyst? In that sense, information given to analysts should also
be given to investors. To me, that seems more than reasonable and fair.
John Pinca
Author: "Max Prescott" at Internet
Date: 04/25/2000 6:05 AM
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TO: RULE-COMMENTS at 03SEC
Subject: "Proposed Regulation FD:File No. S7-31-99"
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You have my support.
Max Prescott
Author: Dave at Internet
Date: 04/25/2000 5:52 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Name: Dave Robinet
Please eliminate selective disclosure in the
marketplace.
Before the age of the Internet endowed the
public-at-large with the same access to information as
analysts, the current disclosure arrangement might
have protected companies from highly speculative
guesswork by influential people with no access to REAL
company data. In modern times, however, this is no
longer the case.
Author: Eric Rossing at Internet
Date: 04/25/2000 8:48 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I am strongly in favor of the Fair Disclosure rule.
Eric Rossing
Author: Spencer Ruggles at Internet
Date: 04/25/2000 7:27 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Selective disclosure of information leaves the individual investor at a
disadvantage. I prefer to manage my own portfolio and require access to the
same information given to "the Street".
Please amend the rules accordingly to require publication, to all channels, of
all pertinent information. Stop selective disclosure.
thank you
Spencer Ruggles
druggles@usa.alcatel.com
Author: at Internet
Date: 04/25/2000 9:36 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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This is wrong. Do not let a select few obtain information that the general
public is entitled to. It is basically unethical to give certain people
information that affects the public thereby giving that privileged group an
investment advantage over the rest of the investment public!
Stop this change!!! This would make legal a form of insider trading.
Mary Schleicher
Hawthorn Woods, IL
Author: at Internet
Date: 04/25/2000 8:17 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
------------------------------- Message Contents
There is no sound reason for allowing the disclosure of inside information
to Wall Street brokers without simultaneously making that same information
available to the public at large. The "valuable service" that brokers are
supposed to provide is synthesizing the dizzying amount of information on
publicly traded companies and employing that analysis to advise
customers/investors on their investment decisions. There is no reason,
however, why the brokers need inside information before it is publicly
available. Such a system simply allows the rich to get richer as brokers
share that information initially with their best customers (usually wealty
individuals) who then get to take advantage of the market bounce when the
information is released to the public at large. More and more Americans are
becoming sophisticated investors themselves and should not be disadvantaged
simply because they opt not to utilize the services of an broker.
Brad Schlozman
Alexandria, VA
Author: Powell Smith at Internet
Date: 04/25/2000 4:28 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Tuesday, April 25, 2000
To Whom It May Concern:
I am an individual investor in several equities and I
am appalled that publicly traded companies can
withhold vital information from me as a partial owner.
Fair Disclosure should be put in place so that ALL
owners of a publicly traded company receive the same
information at the same time.
Regards,
Powell H. Smith
Author: Brenda Speer at Internet
Date: 04/25/2000 6:50 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Legislation:Fils # S7-31-99
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Dear sir:
It is only right that all investors have access to the same information
regarding financial information if a company is publically owned.
I am a small investor who believes that the playing field should be the
same for everyone.
Thank you.
Brenda Speer
Professsional Benefit Solutions, LLC
P.O. Bos 327
Pulaski, TN 38478
Author: "Sriharan Sriniwass" at Internet
Date: 04/25/2000 8:56 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I support Proposed Regulation FD: File No. S7-31-99 for simultaneous full
and fair disclosure,
Signed,
Sriharan Sriniwass
(Individual Investor)
Author: at Internet
Date: 04/25/2000 7:47 AM
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TO: RULE-COMMENTS at 03SEC
Subject: S7-31-99
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Pass this rule. Dan Statile
Author: Michael Stumpff at Internet
Date: 04/25/2000 5:40 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed regulation FD: File No. S7-31-99
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My name is Michael Stumpff and I am a private
investor. I encourage passage of proposed regulation
for fair disclosure as a requirement for all companies
to give equal disclosure to the public investor.
Private investors deserve the same information from
publicly held companies that professionals and
institutions receive.
Author: "David W. Swager" at Internet
Date: 04/25/2000 7:13 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Proposed Regulation FD: File No. S7-31-99
As an individual investor, I believe it is imperative that the proposed
regulation be promptly implemented. The investment community has expanded
greatly with most investors, purchasing individual company securities, being
outside the confines of traditional brokerages. Selective disclosure amounts to
"insider information" for the select group which then has the opportunity to
benefit from this information precisely because it is not widely disseminated.
Those firms and clients that go the extra mile in researching and analyzing
information should and will continue to benefit from this diligence.
The proposed regulation is just common sense and ethical in a democratic,
capitalist society. The free and unrestrained flow of information will reduce
market volatility as most volatility is the result of uncertainty, mainly from
lack of adequate information. Additionally, the rule will ensure the most
timely and through evaluation of any material information and limit the
potential for "spin" in one particular direction.
Thank You,
David W. Swager
Miamisburg, OH
Author: "James Taylor" at Internet
Date: 04/25/2000 9:16 AM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Dear Sirs:
As to analysts ferreting out negative information on
companies, my experience has been that the diligent and unbiased exercise of
that function is rare
James Taylor
Author: at Internet
Date: 04/25/2000 9:17 AM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I am an individual investor and I am against any rule change that will allow
insiders access to investment information before the general public. In
today's age of instant information, there is no excuse for this sort of
rulemaking.
Todd W. White
Rockwall, Texas
Author: at Internet
Date: 04/25/2000 9:31 AM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: "Proposed regulation FD. File No. S7-31-99"
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I think the present system is very unfair and should be changed. Every
American should have equal access to information. There should never be a
privileged few. Millard V. Woods, Sr.
Author: "Tom Worley" at Internet
Date: 04/25/2000 6:07 AM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
------------------------------- Message Contents
I think any information given to an analyst should also be given
to the public.
The "forward looking" regulation already gives corporations an
unfair protection, allowing them to say something today, and not
update it next month when it changes. If they are allowed to
change prior public statements in private with analysts, and not
be accountable, then the public suffers. Not only will the
analysts, and the firms they support, be able to act on this
secret information, but the public may never hear this
information, or hear it too late to act correctly.
Tom Worley
stkguru@netside.net
chat with me at ICQ # 5568838
get ICQ software at http://www.icq.com/icqhomepage.html
Author: at Internet
Date: 04/25/2000 8:33 AM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: FD:File No. S7-31-99
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Please change the rules to allow all the public the same information that
analysts on Wall
Street get.
Mrs. Patricia Young
Individual Investor
http://www.sec.gov/rules/0425b02.htm
