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This paper investigates Regulation Fair Disclosure's (Reg FD) effect on institutional investors' informativeness by comparing the performance of seasoned equity offering (SEO) firms with the highest and lowest increase in institutional buying before and after Reg FD.
The new regulation, named Regulation Fair Disclosure (FD), states that "when an issuer, or persons acting on its behalf, discloses material nonpublic information to certain enumerated persons (in general, securities market professionals and holders of the issuer's securities who may well trade on the basis of the information), it must make public disclosure of that information" (SEC 2000).
Regulation Fair Disclosure (Reg FD), introduced in the US in October 2000, was intended to eliminate the unfair advantage enjoyed by companies' analysts and favoured clients from private information flows, and stated that any disclosure of information must be done publicly.
Regulation Fair Disclosure (FD) as a best practice to offer equal access to information to all investors.
Regulation Fair Disclosure, which went into effect last October, put an end to those cozy meetings.
On October 23, 2000 the Securities and Exchange Commission adopted Regulation Fair Disclosure (Regulation FD) which requires public companies to provide investors with equal access to material information and prohibits selective disclosure of such information to financial analysts and other industry professionals.
The adoption of Regulation Fair Disclosure (Reg FD) in October 2000 was designed to "level the playing field" for all investors by prohibiting selective disclosures to analysts and institutional investors, thereby requiring firms to make public, within 24 hours, all disclosures of material information.
Sure, landmark regulation such as Tasini, Sarbanes-Oxley, The Patriot Act and Regulation Fair Disclosure raise critical issues and you need to be prepared.
Regulation Fair Disclosure has been endless ever since the new disclosure rules, which prohibit disclosure of material information to select people, such as securities analysts and large investors, took effect one year ago.
Even before the passage of Regulation Fair Disclosure, Wells Fargo was careful not to disclose material information on a selective basis.
Regulation Fair Disclosure has forced companies to share financial information with more than just a few select analysts.

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