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On Tuesday, Securities and Exchange Commission Chairman Christopher Cox announced a project to examine public companies, mutual funds, brokers and others who provide information to the SEC as well as the way that the information is made available to investors and markets.
"On the 75th anniversary of the SEC, with so much new technology available to improve the quality of information for investors as well as the way investors acquire it, we're initiating a broad, introspective look at our business model," said Chairman Cox. "What hasn't changed in 75 years is the importance of full disclosure — sunlight remains the best disinfectant for problems in our capital markets. We'll be examining how to improve the way disclosure works, including tapping the full potential of today's technology and integrating it seamlessly into our regulatory approach. That could mean fewer confusing forms, and more useful information at investors' fingertips in a form they can really use."
This study, an SEC internal one, has been named 'the 21st Century Disclosure Initiative', and will be led by Dr. William D. Lutz of Rutgers University. Lutz has worked as a securities lawyer and an expert transparency and has worked with the SEC on disclosure issues. The objective of the study is to improve the usefulness and timeliness of disclosure for investors and to streamline and modernize the collection of disclosure from companies and regulated entities. The target is to complete this study by the end of 2008.
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