Subject: File No. 4-673
From: William Pfister, Jr

March 25, 2014

Panel 2 (Disclosure): Please discuss the potential conflicts between national security and required disclosure. For example, take a situation where a publicly-traded company receives sensitive (e.g., classified) information that indicates it is a current or likely future target for a significant cyber threat. On one hand, there is an obligation to maintain confidentiality yet, on the other hand, there is an obligation to disclose to the investment community.