IP: SEC protects traditional media with new on-line rule

[Dave Farber <farber () cis upenn edu>]

From: "Robert Raisch" <raisch () internautics com>
To: "Dave Farber" <farber () cis upenn edu>

(Wow.  The implication is that "traditional" media cannot compete with the
timeliness of the Internet, so they must be protected.  /rr)

SEC OK's on-line rule for Nasdaq-listed firms
By Peter Ramjug, Reuters, 02/03/99 (via Boston Globe)

WASHINGTON - Federal securities regulators, recognizing the growing importance
of the Internet as a means of getting corporate information out to the public,
approved a change in a rule governing the way Nasdaq companies release data on
their Web sites.

Under the rule change, which goes into effect in mid-March, companies that
trade on the technology-dominated exchange can not release data via the
Internet before the same information is sent and received by traditional press
outlets, Nasdaq's parent, the National Association of Securities Dealers Inc.,
said of the rule change it proposed last October.

Those traditional outlets include Bloomberg Business News, Dow Jones & Co Inc.
and Reuters Group PLC.

(...snip...)

''Nasdaq fully supports companies' use of Internet home pages to disseminate
information to shareholders, but [feels] that the Internet must not be a
substitution for traditional dissemination.''

Full story:
http://www.boston.com/dailyglobe2/034/business/SEC_OK_s_on_line_rule_for_Nasda
q_listed_firms+.shtml

--
Robert Raisch, Internet Hired Gun <http://www.raisch.com>
First snow, then silence-This thousand dollar screen-dies so beautifully.