Comments on Proposed Rule:
Selective Disclosure and Insider Trading
Release Nos. 33-7787, 34-42259, IC-24209, File No. S7-31-99
Author: Rick Abbott at Internet
Date: 04/28/2000 6:36 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Rick Abbott
The Weiland Financial Group, Inc.
900 North Lake Shore Dr.
Lake Bluf, IL 60044
I DO NOT AGREE that information should be held from
individual investors like myself.
Author: Ken Anderson at Internet
Date: 04/28/2000 1:05 PM
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TO: RULE-COMMENTS at 03SEC
Subject: "Proposed Regulation FD: File No. S7-31-99"
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Folks,
I believe the interests of all investors will be served best by
eliminating selective disclosure by companies to Wall Street analysts.
Any disclosure should be open to all share holders and the general
investing public. Any other decision flies in the face of fairness and
suggests that the general investor is not capable of evaluating
information and making decisions about investing his own money.
The amount of money being spent by "Wall Street" to influence this
decision should be enough to raise a red flag about the motivation of
those who want to maintain the privileged and selective release of
information by companies. All share holders should be given information
at the same time. It should not be parceled out to selected
"gatekeepers" who are in a position to use that information for
manipulation of ratings or prices of publicly traded companies.
Thanks for the opportunity to comment.
Ken Anderson
President
TAGF Management, Ltd.
4817 Preston Trail Drive
Mesquite, TX 75150-1132
972-681-7862
Author: "Brown; Allison" at Internet
Date: 04/28/2000 10:25 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I oppose Selective Disclosure.
Allison Brown
1211 Kerwood Cr SW
Calgary AB T2V 2N7
CANADA
Author: "Bubier; Jill" at Internet
Date: 04/28/2000 12:07 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I support the above regulation requiring simultaneous disclosure of
information by publicly traded companies. This regulation levels the playing
field for individual investors who choose to make their own decisions instead
of relying on so-called financial "experts". Investors today are far more
savvy regarding investing than Wall Street gives them credit for. They should
have access to the same information.
Jill Bubier
Author: "Byrd; Tim" at Internet
Date: 04/28/2000 9:26 AM
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Receipt Requested
TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Thank you for the advancement of a free, open and equitable marketplace by
proposing Fair Disclosure of material corporate information. As an
investor, I strongly support Proposed Regulation FD. We deserve the same
information as large institutional and broker operations. The SEC is doing
a laudable job of proving that government has an essential and irreplaceable
role in defending the free market. I am 100% behind this regulation
Thank you for moving the US investment market in a just, honest and unbiased
direction.
Timothy Byrd
Author: camerond at Internet
Date: 04/28/2000 2:13 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Regulation FD: File No. S7-31-99"
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For your records please add my vote for the proposed fair disclosure
rules that will allow information that is given to Wall Street analysts
to be given simultaneously to the public at large. Thank you
Debra Ann Cameron
Author: Stan & Linda Carpenter at Internet
Date: 04/28/2000 12:30 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I am writing to support the new regulation (Proposed Regulation FD: File
No. S7-31-99). I concur with Mr. Levitt that the disclosure of information
will benefit the investing public as a whole and the market will reflect
that wider interpretation of the information to it's benefit as well.
Stan Carpenter
CEO, Remware, Inc.
Stan & Linda Carpenter
409 Summit Ave.
Eau Claire, WI 54701
715-839-0373
Author: "Carpenter; Mark (M.A.)" at Internet
Date: 04/28/2000 2:20 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Selective disclosure is insider trading.
If there is no value in the information, there is no reason to disclose the
information. A decision to trade or not to trade could be based on this
information.
Selective disclosure should not be an acceptable method of doing business.
Best Regards,
Mark Carpenter
Author: "Choi; Steven (SC)" at Internet
Date: 04/28/2000 9:52 AM
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TO: RULE-COMMENTS at 03SEC
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Ladies and Gentlemen,
I am writing in support of the effort to stop selective disclosure. As a
relatively new investor, I am somewhat amazed at what I see happening
everyday in the market; the volatility, the speed at which a company can
succeed or fail and also the success stories where companies grow through
sounds business plans and execution. But what drives these changes? I
believe that we, the investors, play a big part. And as individual
investors and in the role we play, we must be able to stay informed of the
businesses in which we want to invest or already have a stake in.
One argument, which seems to be coming from the large firms, is that they
need selective disclosure to do their job properly. That they need this
information in order to make their decisions to help their investors and the
keep the market stable. While some of their statements may be true, and
that they need this information to make decisions, I and individual
investors in general need this information as well--not after the fact but
when we can use it to our advantage.
The last tens years has shown some remarkable advances in technology and how
information can be processed, delivered, acquired and used. I could
possibly agree that ten years ago, selective disclosure had a place, but now
I don't see the fit. There seems to be a little bit of the "This is the way
it's always been done" and "We really need to keep selective disclosure
around so that we have the advantage over the individual investor"
mentality. There also seems to be the "We need to save the market from the
uninformed, ignorant investor" which I kindly resent. Yes, granted with the
growth in individual investment, there has been a rise in the number of
people entering the market without the knowledge and invest in what may be
hot at the time or what affects them emotionally. But as informed
investors, people who take the time to research companies, examine the
competitive market and look at P/E ratios, it is our responsibility to stay
informed which selective disclosure prevents in ways.
Some arguments state that the common investor won't understand where, or how
to get the information or how to use it. For those people, a change in the
status quo won't affect them. But for those of us who make investment
decisions not on market volatility, but information, know where to get it and
should have the same opportunity to come to the same conclusions or different
conclusions at the brokers.
And why is a broker better than anyone else? What has happened in the last
ten years is something that no one has ever seen before. The acceleration
in the use of the internet, the technological advances in medicine,
pharmaceuticals, manufacturing, information systems--none of this has ever
been witnessed before. And from what I can see of the brokers and their
opinions is that they are grasping at straws along with the rest of us. I
work for a medical device company that has seen record earnings and growth
for the past 12 quarters. After every quarter, there are brokers that say
that "The growth cannot continue" and devalue our stock. We come right
around and top the next quarter and the next. The problem is that they have
nothing, absolutely nothing to compare it too. There is nothing in the past
that is allowing them to accurately make their decisions and as been seen so
much recently, the brokers are wrong. Yet they still continue to make their
ratings and their self-fulfilling prophecies that make the uninformed
investor react--isn't this what they're trying to prevent?
Some say that a little knowledge in the wrong hands is a dangerous thing.
In this age, who's to say who has the wrong hands? Please stop selective
disclosure. Thank you for listening.
Regards,
Steven B. Choi
Author: "Dr. C" at Internet
Date: 04/28/2000 6:47 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I strongly believe that you should proceed and enact this regulation.
Nothing could be more appropriate in a country which styles itself the
model of freedom and democracy. I personally feel that many analysts do
provide good service, but I see no reason at all that they should
receive preferential treatment when it comes to company disclosures.
- Digby Christian - individual investor
Author: "Kevin Clancy" at Internet
Date: 04/28/2000 12:39 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Dear Sirs
I am writing to you concerning your new disclosure rules. I would like to
support the dimishment or preferably abolition of Selective Disclosure
rules. Currently large trading houses have an unfair advantage over
individual investors - they receive information from companies first and can
act upon this information before individual investors have a chance. This
gives them a considerable time advantage in taking positions on companies,
one that individual investors have to wait for. It is time that this
inequitable system was rebalanced so that neither individual investors nor
large trading houses have an advantage over the other. I hope that you pass
your new disclosure rules as they are currently written.
Sincerely
Kevin Clancy
Author: "Raymond E. Clutts" at Internet
Date: 04/28/2000 1:26 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File no. S7-31-99
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Dear Sir or Madam:
The SEC should prohibit selective disclosure of earnings or other significant
events that are likely to effect prospective share valuation. Make this a level
playing field where all market participants are entitled to coequal information
of timely assistance in assessing share price.
Very truly yours,
Raymond E. Clutts
Author: at Internet
Date: 04/28/2000 9:22 AM
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TO: RULE-COMMENTS at 03SEC
Subject: "Proposed Regulation FD: File No. S7-31-99"
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Selective disclosure of material facts must be ended.
Private information sharing between companies and securities analysts is wrong
and has been allowed because the public was not informed, now that the true
spirit and nature of this practice is exposed it must be brought to a quick
end. There is no defense of this shameful practice. We want fair disclosure.
Cecile R Cohen, New Jersey
Author: at Internet
Date: 04/28/2000 1:10 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Reg.FD: File No. S7-31-99
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I support the change. How dare anyone state that a select few so-called
experts have a greater right to critical financial information than the
investing public at large. In addition, on line trading has created a far
different landscape. I myself, with a degree in finance and a background as
a NYSE CEO, do read annual reports, press releases, 10K's, etc. I do not
trust anyone to do better or more complete homework on my personal
investments than me.
Author: at Internet
Date: 04/28/2000 11:54 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I don't understand why the current system of disclosure was ever allowed in the
first
place. When a publically owned company shares information anyone outside the
company, that information should be available to anyone. I encourage change to
open disclosure.
Thank you.
Carl E. Conger
4711 Spicewood Springs Rd, #262
Austin, TX 78759
cconger@tivoli.com
_______________________________________________________
"Promise less than you can deliver... Deliver more than you promise."
Carl Conger, Tivoli Services, N.A.
Quality Assurance Manager
cconger@tivoli.com
Office: 512-436-9430
Cell: 512-695-4257
Author: ericc@total1.com (Eric Cumming) at Internet
Date: 04/28/2000 8:46 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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To whom it may concern:
I wish to go on record as being AGAINST the current practice of selective
disclosure. Wall Street analysts AND the general public should get the same
information from companies at the same time. Let's let the analysts do
their job by sorting out what information means, not handing out
information we should all have access to.
Sincerely,
Eric Cumming
Author: at Internet
Date: 04/28/2000 1:08 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Regulation FD: File No. S7-31-99
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If passage/enactmant of this regulation will indeed make more level the
playing field for all investors, then I wholeheartedly urge its approval and
enactment.
Louis M. Delicate
P.O. Box 707
Ridgewood, NJ 07451-0707
Author: James Doubravsky at Internet
Date: 04/28/2000 7:39 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Dear Sir:
Investment capital is too important to our nation and our economy to
permit shady activities by the the investment community. Company
Information is a commodity that is used by the wallstreet for their own
profit one way or an other and is paid for by modified reports on that
companies report cards.
It is my sincere hope that this will be another step in increasing
investors confidence in the investment community and thus increase the
investment activity. I am sure that you know that many of the wall street
pro's are more thief that professional.
Sincerely yours.
James Doubravsky
Author: "Jerry Downing" at Internet
Date: 04/28/2000 2:07 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I move for adoption of the proposed regulation.
Regards,
Jerry Downing
1161 Fairway Blvd
Columbus, Ohio 43213
614.863.3673 Tel / Fax
Email jerrydowning@earthlink.net
Author: at Internet
Date: 04/28/2000 2:23 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Subject: Company Disclosure
Proposed Regulation FD: File No. S7-31-99
April 28 2000
I strongly support the efforts by the SEC that would require companies to
only disclose information publically. Several times, I have seen one of my
stocks drop in
price and a day or two later a news report comes out with something negative.
The current system puts all individual investors at a GROSS disadvantage .
Sam DuPont
Author: at Internet
Date: 04/28/2000 12:55 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulatio FD :File No. S7-31-99
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Subject: Proposed regulation FD
As an individual investor I would like to see information disclosed to
all...not just the big guys.. We deserve the same information. Fair play is
the only right and just way. Remember that I pay taxes and I vote. Bill
Ebert
Author: at Internet
Date: 04/28/2000 10:22 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99"
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Does anyone really believe Wall Street's argument that it has a genuine
interest in protecting us from ourselves? Looks to me like they are more
interested in protection themselves.
PLEASE LEVEL THE PLAYING FIELD AND LET THE MARKET WORK THE WAY IT IS
INTENDED TO WORK. GIVE US AS INDIVIDUAL INVESTORS THE SAME OPPORTUNITIES
AS THE PROFESSIONALS ON WALL STREET.
Denise Eddows, CPA
Tucson, Arizona
Author: Kurt Fingerlow at Internet
Date: 04/28/2000 11:37 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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It is my feeling the special treatment provide firms over the general public is
no longer legitimate. I ask that you change the regulation to allow everyone
to receive this information at the same time.
Thank you,
Kurt Fingerlow
Author: Scott Fringer at Internet
Date: 04/28/2000 1:47 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Proposed Regulation FD: File No. S7-31-99
Do not allow this to occur.
Scott Fringer
Author: "Tushar K. Ghosh" at Internet
Date: 04/28/2000 1:58 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Stop Selective disclosure. Thanks.
Tushar K. Ghosh
Author: "Harriette L. Holt" at Internet
Date: 04/28/2000 8:49 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Rule FD: File No. S7-31-99
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Please adopt the new rule which would prohibit companies from
selectively giving out information. Investors need to have a level
playing field in the stock market.
Harriette Holt
P. O. Box 367
Kula, Hawaii 96790
Author: at Internet
Date: 04/28/2000 2:13 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Re: Proposed Regulation FD: File N . S7-31-99
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Hello,
I strongly support the above regulation , requiring full disclosure.
thank you,
Richard Israelson
Author: at Internet
Date: 04/28/2000 11:27 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Dear Securities and Exchange Commission:
I would like to add my voice to those you've already received strongly
advocating in favor of implementation of Proposed Regulation FD. I am an
individual investor with equity positions in a number of public companies.
I regularly seek out information on those and other companies through annual
reports, SEC filings, newspapers, and the internet. I find it very
annoying, and consider it patently unfair, that some members of the "public"
regularly get information affecting my companies - and the value of their
stock - before I have access to that information. How did the system ever
get to be this way in the first place? Whatever the answer to that
question, it should not be allowed to remain.
I am not swayed by the Securities Industry Association's argument that the
public at large will not be able to force companies to divulge key
information the way its members can, nor to interpret what information we
are able to obtain. They express grave concern about heightened market
volatility and inefficiency, but their arguments ring hollow and
self-serving. You should not be swayed by their arguments either. I am
willing to assume the risks of information gathering and interpretation, as
well as the results of my own actions taken on the basis of such
information. There are millions of other individual investors like me, who
believe that, the SIA's arguments notwithstanding, we'll be better off in
the long run (the period over which most us invest anyway) with fair
disclosure than under the current selective system.
If you fail to act on behalf of public fairness, you will further exacerbate
the current cynicism and mistrust among the populace regarding its
government. If a rule that is so obvious, so clear, so warranted that it
should have been the standard from the outset is not implemented, what can
the average Joe conclude but that special interests, and especially money,
really do control key decision-making aspects of our democracy?
I hope you will consider these comments, and will press forward to a
successful and full implementation of Proposed Regulation FD.
Paul McCall
Author: "Morton; Gay A. (SFMH)" at Internet
Date: 04/28/2000 10:23 AM
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Subject: Proposed Regulation FD: File No. S7-31-99
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I support the new fair disclosure rules that are now under consideration
especially, whenever an issuer intentionally discloses material information,
that it does so through public disclosure, not through selective disclosure.
Gay A. Morton, Controller
Saint Francis Foundation
900 Hyde Street, Suite 1208
San Francisco, CA 94109
Author: "Eric Nelson" at Internet
Date: 04/28/2000 8:38 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Please consider equal access to this information. There are new investors
out there who have a lot of voting power.
Thank you.
Eric Nelson
Integrated Hardware Solutions
7308 Aspen Lane N. Suite 144
Brooklyn Park, MN 55428
Email: enelson@integratedhs.com
Local: 612-533-9800
Toll Free: 877-501-3600
Fax: 612-533-3092
Author: at Internet
Date: 04/28/2000 9:29 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Keep the playing field level, do not allow selective disclosure.
Tom Outman
Author: Dan Owen at Internet
Date: 04/28/2000 10:38 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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1. I fully support the SEC's open disclosure proposal.
2. Free markets depend on equal access to information with which to make
an informed
decision.
Respectfully, Daniel N. Owen
Author: at Internet
Date: 04/28/2000 12:56 PM
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TO: RULE-COMMENTS at 03SEC
Subject: S7-31-99 proposed ruling
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Gentlemen:
Where is the honor, logic, truth and ethical considerations whereby
information is given to those who may profit from us and not given to those
of us who are actually willing to risk our capital by being an owner in the
companies themselves?
Remember, if it were not for the the countless little guys out here, most
businesses would cease to exist.
Sincerely,
Gary Polizzotto
Author: "Dennis M. Riley; Jr." at Internet
Date: 04/28/2000 2:18 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Dear Sirs:
I would like to add my input to your review of the selective disclosure
issue.
As an individual investor located far from the urban centers of the US
(Maine) , I oppose selective disclosure. I think information released by
publicly held corporations about their operations should be available to
all investors at exactly the same moment in time. Equal opportunity to
achieve individual economic goals will be important in fueling our
capitalist system to greater economic power.
Yours truly,
Dennis M. Riley, Jr.
Author: Gerry Rousselle at Internet
Date: 04/28/2000 12:23 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No S7-31-99
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Derar Sirs: I am completely opposed to having selective disclosure by
corporations before any giving it to the public. This is not in the
interest of the individual investor.
Gerard Rousselle
Zlave@bellsouth.net
Author: "Adrienne L. Rubinkowski" at Internet
Date: 04/28/2000 12:13 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Thank you for listening to my views.
Selective disclosure is an egregious threat to the integrity of the
financial market system. I had always wondered how/where the "analysts"
were getting information that they then used to seriously impact the
markets while, as hard as I searched, I was unable to find anything
available publicly that was either positive (the stock price had shot up)
or negative (stock price had tanked)... until it was far too late to be
able to respond in a financially timely manner. Now I know.
The idea of "selective disclosure," as defined in the Chairman's
announcement, is anathema to the small investor. I am at a distinct
loss when competing with the 'big boys," as are hundreds of thousands of
other small investors. No WONDER I can never figure out what the heck
is going on! This Good-Old-Boy network has to be stopped. Thank you
for your efforts on our behalf.
Adrienne L. Rubinkowski
ACS Manufacturing, Inc. (but submitting this as a private citizen)
Author: Chad Rucker at Internet
Date: 04/28/2000 2:09 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Name: Chad Rucker
Company: Datastream Systems
"All [men] are equal. But some are more equal than others." -George Orwell
Create fairness. That is all. Thank you.
Author: "JOEL C SCHANKER" at Internet
Date: 04/28/2000 2:07 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Does anyone else see the possible irony in the government's strong efforts to
limit Microsoft's abuse of monopolistic powers while failing to eliminate the
monopoly on information. Imagine my frustration as money flows into an issue
days before I become aware that their sales have will double. Before, I assumed
that the news was out there but I had not looked in the right places or paid for
the proper news services. Today, I have access to some many news sources, but
still it seems to not be enough. Life is hard enough interpreting the
information we receive properly. It is wholly unfair to not even get a crack at
information that is already in the hands of the person I am buying from or
selling to.
Joel C. Schanker
Author: "Scott; Ron" at Internet
Date: 04/28/2000 1:38 PM
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TO: RULE-COMMENTS at 03SEC
Subject: "Proposed Regulation FD: File No. S7-31-99"
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Sirs,
Iam opposed to any legislation allowing wall street to "filter" what the
public
see's concerning investment info on publicly traded stocks.
It is time to send wall street a message that stockholders will not
tolerate an unlevel playing field or continue to support walls streets
"boys club" mentalitiy.
Sincerly,
R. Scott
Houston, Tx.
Ron Scott
Senior Design Engineer
Analytic Solutions, Inc.
phone: 281-226-4108
fax: 281-280-9991
page 281-527-2550
rscott@analyticsolutions.com
scott@spacehab.com
Author: Svetlana Stepanovic at Internet
Date: 04/28/2000 11:59 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposal regulation Fd:File no S7-31-99
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I'm against selective disclosure to the wall street analysts and for
public disclosure of iformation.
Thank you.
Svetlana Stepanovic
Vanderbilt University
Nashville, TN
Author: "rick t ." at Internet
Date: 04/28/2000 2:39 PM
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TO: RULE-COMMENTS at 03SEC
Subject: propsed regulation FD file NO. s7-31-99
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I disagree that only wall street analysts should recieve company
information. We as individual investors must share in this information.
rick taylor
Author: Gerry Tighe at Internet
Date: 04/28/2000 9:27 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Stop the selective disclosure. Please level the playing
field.
Thank you.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Gerry Tighe
Quality Recruiting Partners
(703) 525-4750 ext. 2
gtighe@qualityrecruiting.com
On Target. On Time.
Author: Nirmal Vuppuluri at Internet
Date: 04/28/2000 2:41 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I think what the SEC is trying to do is wonderful. After all, the
companies are using the investments of the general public in running
their businesses. As a result, the general public has a right to all the
information that Wall Street analysts obtain via selective disclosure.
The end of "selective disclosure" is best for everybody. It is the fair
thing to do.
Nirmal Vuppuluri.
COMSAT Laboratories.
Author: "Jim Wallace" at Internet
Date: 04/28/2000 11:06 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: FILE No. S7-31-99
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Ladies and Gentlemen of the SEC; I am a self-employed gardener and small
investor. Independence and freedom are what this great country of ours is all
about. PLEASE level the playing field! Thank you! Sincerely, James A.
Wallace P.O. Box 867 Westport, Wa. 98595
Author: Tony Wang at Internet
Date: 04/28/2000 1:00 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Dear Sir or Madam:
Selective disclosure must end. It is patently unfair to small investors.
In this day and age, where information is critical to investment decisions
and that information is not disseminated at the same time to all parties,
one party will have an unfair advantage over the other.
You have prohibited insider trading for just this reason. You must also
prohibit selective disclosure.
Thank you very much.
Author: "Robert Weiss; M.D." at Internet
Date: 04/28/2000 1:53 PM
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TO: RULE-COMMENTS at 03SEC
Subject: Rule S7-31-99
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I vigorously object to the concept of 'selective disclosure.' I firmly believe
that the average investor is the person who will lose the most by this new
concept. There is enough obfuscation and distortion already rampant in the
disclosure procedures which every company now must follow. However, at the
present, we ordinary investors can learn to read between the lines to ferret out
areas of concern, which management otherwise would not disclose. Under the
proposed guideline, much would be hidden.
Don't give in to these corporate shenanigans.
Robert Weiss, MD
16761 South Park Center
Strongsville, Ohio 44136
440-878-2500
Author: Donald Westhaver at Internet
Date: 04/28/2000 11:11 AM
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TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Dear SEC:
I belive as an individaul investor I should have the right to access all
information on companies that I plan on investing in. Full disclosure would
enable me to make more informed decisons on where I put my money. Why should I
have to depand on anaylst that might not have my best interest as investor.
The current system is Un-American and reform is needed. I pledge to you as an
American Citizen, tax payer, and active investor to level the playing field
and disclose all information to everbody. Power to the people.
Thanks, Donald Westhaver
Author: "Doug Wilmsmeyer" at Internet
Date: 04/28/2000 1:44 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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Thanks for allowing input on this subject. To date, nearly every stock that
has been recommended by analysts from my brokerages has lost me money. Yet
nearly every stock I have researched and hand picked has made money.
I own over $200K in a certain stock, and I'm not even allowed to listen to
the playback of the analysts' call. I call my broker, and the company won't
even give him access.
The current system is discriminatory. Let us have equal access. Those of
us that choose to invest the time, will. Others who simply buy their stocks
based on others' recommendations will contimue to do so, and will be
unaffected by the change.
I believe the SEC is one of the most progressive institutions in America.
Let's keep it that way.
Doug Wilmsmeyer
Author: Sylvia Youngberg at Internet
Date: 04/28/2000 11:42 AM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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All People are Created Equal -- No Special Treatment!
End the Elitism
Author: "Sergei Yurchak" at Internet
Date: 04/28/2000 12:49 PM
Normal
TO: RULE-COMMENTS at 03SEC
Subject: Proposed Regulation FD: File No. S7-31-99
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I am in favor of Proposed Regulation FD: File No. S7-31-99 because it will level
the playing field for individual investors, such as I. The current practice of
selective disclosure to analysts and fund managers leaves me at a distinct
disadvantage. In many instances, these analysts have a close relationship
(through their employer) with the disclosing company; this will tend to
influence their judgments and pronouncements regarding the disclosing company.
How many analysts these days give sell recommendations? Of the few that are
given, most seem to come after the stock has already dropped considerably. I,
for one, believe I am capable of evaluating the information myself and forming
my own opinions and, therefore, need timely and unfiltered information. Thank
you for you consideration.
The above is my own personal opinion.
Sergei Yurchak
211 Timber Jump Lane
Media, PA 19063
http://www.sec.gov/rules/0428b04.htm
