Securities Law Advisory: The SEC Issues New Guidance on the Use of Company Websites for Disclosure Purposes
1/9/2009
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 click here.
For assistance in this area, please contact one of the attorneys listed below or any member of your Mintz Levin client service team.
Darin P. Smith
(617) 348-3002
DPSmith@mintz.com
Cynthia J. Larose
(617) 348-1732
CJLarose@mintz.com
Jonathan L. Kravetz
(617) 348-1674
JLKravetz@mintz.com
Megan N. Gates
(617) 348-4443
MNGates@mintz.com
Daren Graham
(617) 348-1754
DGraham@mintz.com
