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The 21st Century Disclosure Initiative, established by Chairman Christopher Cox in June 2008, is a wide-ranging internal effort to fundamentally rethink financial disclosure. The Initiative examined the basic purposes of disclosure from the perspectives of investors and markets and created a comprehensive high-level plan for overhauling the Commission's current forms-based disclosure system. In January 2009, the Initiative produced a report describing a modernized disclosure system and recommending future Commission action for a transition to the new system. The Initiative's proposed new system will use new technology to collect, manage, and provide structured disclosure information that is dynamic, accessible, and easier to use, while providing the Commission with tools to better fulfill its mission of protecting investors, maintaining orderly markets, and facilitating the formation of capital.

The report is available here. We invite you to participate by contacting us.

http://www.sec.gov/spotlight/disclosureinitiative.shtml