FOR IMMEDIATE RELEASE                            2001-145

                              
      SEC Commissioner Laura S. Unger Releases Report,
          Recommends Improvements to Regulation FD
                              
                              
      Washington, DC, December 6, 2001-Commissioner Laura S.
Unger  of the U.S. Securities and Exchange Commission  today
issued  a  report  examining the impact of  Regulation  Fair
Disclosure  on  the  marketplace.  In effect  since  October
2000,  the  Commission adopted Regulation FD to end  issuers
selectively  disclosing  important  or  "material"   company
information  to analysts.  Reviewing Regulation  FD's  first
year,  the report, "Regulation FD Revisited," makes  certain
findings   and  recommendations  based  on  an   April   SEC
Roundtable and industry surveys.

       Commissioner   Unger's   report   makes   three   key
recommendations.  First, the report recommends that the  SEC
should tell companies more definitively what information has
to   be   made  public  under  Regulation  FD  by  providing
additional  guidance  on materiality.   Second,  the  report
recommends that the Commission should incentivize  companies
to  provide  more  information by allowing  greater  use  of
technology  to  satisfy Regulation FD's  public  information
dissemination  requirements.  Third, the  report  recommends
the  Commission  should closely examine  post-Regulation  FD
market  information  and  filings to  better  determine  the
regulation's  impact  on the depth and  quality  of  company
information in the marketplace.

       "At   the   meeting  adopting  Regulation   FD,   the
Commissioners promised to monitor the regulation's impact on
information  flow.   I am gratified to  make  good  on  that
promise  today by issuing this report.  Rather than  revisit
the  merits  of  Regulation FD, the report studies  the  SEC
Roundtable   transcript  and  public   surveys   and   makes
constructive  suggestions to the  Commission  about  how  to
refine  the regulation to increase marketplace information,"
said Commissioner Unger.
     
     The  report  also releases a transcript  of  the  SEC's
roundtable    discussion.    Participants    included    SEC
Commissioner   Isaac   C.  Hunt,  Jr.,  issuers,   analysts,
investors and information disseminators.
     
     The report is available on the Commission's website  at
www.sec.gov/news/studies/regfdstudy.htm.
     
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