Speech by SEC Acting Chairman:
Opening Remarks at the SEC Roundtable Discussion on Regulation FD
by Acting Chairman Laura S. Unger
U.S. Securities & Exchange Commission
New York, New York
April 24, 2001
Good morning, and welcome to the SEC's roundtable discussion on Regulation Fair Disclosure. Commissioner Hunt and I want to thank each of you participating on our five panels for making today's important discussion possible. Commissioner Carey regrets not being here today, but will listen to a replay of today's event.
In the spirit of the regulation, we have arranged - for the first time in Commission history for this discussion to be webcast over the Internet. So good morning to all of you listening in from home or the office.
Corporate America experienced a sea change in its disclosure practices with the adoption and implementation of Regulation FD. The packed house here this morning reflects the widespread interest in how Regulation FD is affecting issuers, information disseminators, analysts and investors.
My dissent from the Commission's vote six months ago to adopt Regulation FD was based on my concern about how the rule would impact the quantity and quality of information available to investors. Today, Commissioner Hunt and I are interested in hearing firsthand - from the people in the frontlines how the rule has affected the flow of information. What does the information landscape look like post-Regulation FD?
Holding this public roundtable discussion is part of Commissioner Hunt's and my commitment to monitor Regulation FD. I join today's discussion with no preconceived notion of the outcome, but will listen carefully to today's discussion and consider all of the points raised.