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CEO Seeks SEC Approval to Satisfy Fair Disclosure Requirement Using Websites and Blogs

Excerpt of letter sent by Sun Microystems, Inc. CEO Jonathan Schwartz to SEC Chairman Christopher Cox, on October 2, 2006:

  • “As adopted, Regulation Fair Disclosure’s requirement of widespread dissemination can be met through the filing of a Form 8-K or “through another method (or combination of methods) of disclosure that is reasonably designed to provide broad, non-exclusionary distribution of the information to the public.” (17 C.F.R Sec. 243.101(e)(2)) To date, the SEC has not taken the position that the Regulation’s “widespread dissemination” requirement can be satisfied through disclosure through the web-postings alone. While that may have been a pragmatic approach in 2000, we believe that the proliferation of the Internet supports a new policy that online communications fully satisfy Regulation FD’s broad distribution requirement.”
  • [The full text of this letter was posted on Jonathan Schwartz’s blog, along with a preface in support of disseminating financial disclosure data via a company’s website or blog.]

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