A Summary of SEC Guidance on the Use of Company Websites for Disclosure Purposes


Acknowledging the pervasive use of the Internet, and the notion that company websites “can serve as effective information and analytical tools for investors,” the Securities and Exchange Commission (“SEC”) has issued new guidance on the use of company websites within the context of certain relevant provisions of the Securities Exchange Act of 1934, as amended, and the federal antifraud provisions of the securities laws. This is the first guidance on corporate electronic communications that the SEC has issued since 2000.

The SEC provided the interpretive guidance to assist companies in their efforts to develop websites that disseminate information to investors adequately, efficiently, and in a manner that is compliant with federal securities laws. Specifically, the SEC release discusses:

. the application of Regulation FD (Fair Disclosure) to information posted to company websites,

. company liability for information posted to a website,

. disclosure controls and procedures with respect to information posted to company websites, and

. the format and readability of information posted to company websites.

For a more detailed discussion of the SEC release, please see full article.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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