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U.S. Securities and Exchange Commission

Comments on Proposed Rule:
Selective Disclosure and Insider Trading

Release Nos. 33-7787, 34-42259, IC-24209, File No. S7-31-99


Author: at Internet Date: 04/27/2000 2:22 AM Normal TO: RULE-COMMENTS at 03SEC Subject: re: proposed regulation FD ------------------------------- Message Contents I am in total favor of your abandonment of selective disclosure. As a stockholder of over twenty years and an active investor, I feel I can safely discern the quality of this information and I don't feel companies will be disinclined to release it solely because it would go into wider distribution. Samuel Adams 5361 Russell Ave. #310 LA, CA 90027


Author: "stephen ahmad" at Internet Date: 04/27/2000 8:55 AM Normal TO: RULE-COMMENTS at 03SEC Subject: ------------------------------- Message Contents I am a small investor trying to create savings for my retirement. I need to >have as much information as the analyst because I plan on living on this >money >for many years. Why should I not have the same access to information as >they >do? Please level the playing field. I am not asking to have more access >than >anyone, just the same. > >Thank you, > >Pasha Ahmad


Author: Edith Anderson at Internet Date: 04/27/2000 8:46 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD: File No.57-31-99 ------------------------------- Message Contents Why do you favor analysts over the individual. I am a retiree and like to manage my own--am I not entitled to know the same info about a company that someone who manages others money is? Edith Anderson


Author: at Internet Date: 04/27/2000 8:42 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation File No S7-31-00 ------------------------------- Message Contents Please make disclosure available to the Public as well as the others. We have a right to know. Suzi Antonucci


Author: at Internet Date: 04/27/2000 6:00 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Regulation 57-31-99 ------------------------------- Message Contents My opinion --- for the records I as an individual investor and as President of the International Gang Investment club ( 23 members ) and Treasurer of the Go For Broke Investment club ( 23 members ) would like to express my opinion against selective disclosure of company financial information and other information that gives a huge break to market makers and market giants that rule the investment playing field, they have enough advantage with the amount of research they do, and the access they have directly with company management. I feel very strongly that any information that a company wants to give regarding earnings guidance etc should be given to individual investors at the same time it is given to the market specialists and analysts for the big brokerage houses. I am an employee of the International Truck and Engine Corporation ( NAV ) Thanks for listening, Bob Atkinson E-mail to: rjajr@aol.com EFAX to: 1- 520-833-2170 International Gang and Go For Broke Investment Clubs


Author: "Donald Beaton" at Internet Date: 04/27/2000 7:31 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD ------------------------------- Message Contents As an individual investor, I add my full support for Proposed Regulation FD. Todays market climate reflects the greater involvement of the individual investor who has benefited from the access to current corporate information. This access has greatly promoted market efficiency. Proposed Regulation FD will further enhance this. Sincerely, Donald Beaton


Author: Charles Bohlman at Internet Date: 04/26/2000 9:49 PM Normal TO: RULE-COMMENTS at 03SEC Subject: Fair Disclosure ------------------------------- Message Contents Attn Chairman Leveitt: Dear Mr. Levitt, I only want to take a moment to congratulate you and the SEC for taking a pro active approach to eliminating a long standing disadvantage to small, self directed investors. I believe the new proposed rule change recognizes a new era in investing brought about by technology. New technolgies have allowed individual investors efficient transactional access to the securities markets as well as having allowed rapid dissemination of information. I congratulate the SEC also on generally not feeling the need to protect me or my ilk from ourselves, for not protecting me from the rewards of successful investing, and for enabling me to own a portion of American enterprise without interference of undue protection. Thank you and the SEC for acting in such a commendable manner. Sincerely, Charles A. Bohlman


Author: "Mona F. Brown" at Internet Date: 04/27/2000 8:59 AM Normal TO: RULE-COMMENTS at 03SEC Subject: SureStep a Death Trap ------------------------------- Message Contents http://www.fcnet.net/members/deathtrap/ propsed regulation FD:file No 57-31-99 Dear chairman Look what the consumer will get after the sof pac is delivered to the lobbist, and this is a medicare/medicade farce because you have to buy the strips and poor people can't afford another device so that means they are stuck with jnj trash, the same trash they claim in their own annual report to be their best products- why don't they tell who is suing them especially something this serious, why is america giving this idiot the power to kill innocent people with defective products. Is it the sof pac,should'nt someone protect the sick from this kind of scheme which on the surface looks like they are helping when the truth is ,jnj only made the diabetics worse off than they were Anthony Brown was one of their Victims and there are plenty more, please ask them to come clean about what they did for so long to deliberately let those sick people inject with the wrong insulin that is a genecide and Ralph knows about it to save money they are quietly letting the defective device be turned in and they replace the device with a surestep device which also had been recalled what a deal! death by lethal injection thats wrong sos sos so sos sos sos Children and Sick people in grave danger! Mona f. Brown 1529 lorelie dr 107 Zion illinio 60099 8477317220 I pray this gets to you chairman please assist don't let this continue! E-mail me to at least let me know you go this message , I'd appreciate that, Don't need money, I'm fine just help those innocent people that probrably don't have the time or capital to fight for theirselves, that why I came back for them with the inheritance brown left me Ralph needs to know everything is not money. Some things you do because it's the right thing to do Please insist this idiot pick this trash up INVOLUNTARY RECALL INVOLUNTARY RECALL NOT VOLUNTARY _NOT VOLUNTARY


Author: "Mark Childs" at Internet Date: 04/27/2000 7:14 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Fair Disclosure Regulation FD ------------------------------- Message Contents I am writing as an individual investor in support of pending SEC regulations that will require "fair disclosure" of corporate information and restrict the practice of selective disclosure. Requiring corporations to make announcements in a fair and public forum will reduce the unfair advantage currently enjoyed by a select and privileged group of analysts. It will create fairness in the system. The Securities Industry Association has publicly stated that selective disclosure allows analysts to pursue greater diligence in evaluating corporate information and that market pressure creates fairness. "The marketplace itself provides incentives for such diligence, for it is the analysts who get to the market "firstest" with the "mostest" that under the current system reap the reputational and financial rewards." However, creating fairness in the system will aid individual investors and do no harm to those analysts that truly add value to information through the diligence and quality of their analysis. Those analysts that provide the "mostest" will continue to find an audience. Those who depended on privilege and unfair advantage to be "firstest" will be required to compete fairly. The marketplace will decide whom shall ". . .reap the reputational and financial rewards." Mark Childs 5604 56th Ave SE Lacey, Wa 98503 mgchilds@home.com


Author: gigsi@webtv.net (no no; not me) at Internet Date: 04/27/2000 12:20 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD: File No. S7-31-gg ------------------------------- Message Contents Selective information only helps the middle man. Helga B. Daniel


Author: Normand Dionne at Internet Date: 04/27/2000 10:47 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Opinion ------------------------------- Message Contents Proposed Regulation FD: File No. S7-31-99 I think that the public should have open access to information concerning publicly traded companies. It is logical since these companies are puclicly traded on an open global market. N.Dionne Quebec, Canada


Author: at Internet Date: 04/27/2000 11:43 AM Normal TO: RULE-COMMENTS at 03SEC Subject: (no subject) ------------------------------- Message Contents I as a small investor believe that information should be available to all at the same time big or small. That is the American way. Now with the internet it is possible not to be left behind when the big boys go behind closed doors. Please open information to all at the same time. Thank You Kitty Doyle Small investor trying to save for my retirement


Author: "norma dragani" at Internet Date: 04/27/2000 12:00 PM Normal TO: RULE-COMMENTS at 03SEC Subject: SEC ruling ------------------------------- Message Contents Let's level the playing field and divulge info to public at large at the same time, change the rule. Norma Dragani


Author: "Shelly Smith" at Internet Date: 04/27/2000 7:58 AM Normal TO: RULE-COMMENTS at 03SEC Subject: SEC rule change proposal ------------------------------- Message Contents I support SEC's is proposal to change the rules that currently allow companies to give important information to Wall Street analysts without simultaneously giving the news to the public at large. The public should be allowed access to this information, we don't need a "wall street filter" to decide what we should see or not see. Mark Dugan Dugan Associates 6800 Pittsford Palmyra Road Fairport, NY 14450 716/223-4204


Author: "Chuck Elliott" at Internet Date: 04/27/2000 7:47 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Disclosure ------------------------------- Message Contents Dear SEC: As a former CFO of a Fortune 100 company, I've long been distressed by the way analysts are treated by public companies. They are often given "guidance" to allow them to "run their models". The bright analyst can usually determine what the company believes the EPS for the period will be by receiving this "guidance". The individual investor not only doesn't receive "guidance", they aren't even allowed to listen to the conference calls in which the analysts are briefed. I believe investors should be allowed to obtain any information that is shared with the analysts any time there is a practicable way of doing it. If it isn't technically feasible to provide the information directly to the investors, organizations like Motley Fools and new organizaitons should be allowed to receive and diseminate the information. This wouldn't solve the problem, but it might give the individual investor a better chance. Thank you for asking for comments. Charles W. Elliott


Author: Nenette Evans at Internet Date: 04/27/2000 6:05 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Public disclosure ------------------------------- Message Contents I beleive full disclosure is the right thing. Sincerely, Nenette Evans, business owner for 16 years


Author: at Internet Date: 04/27/2000 12:06 PM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Reg FD File57-31-99 ------------------------------- Message Contents We are a retired couple and we both manage our own portfolios. We have found the advice of stockbrokers and financial advisors to be poor as such people have a financial interest in advising you to frequently trade and produce commissions for them! How will we be able to manage our funds without access to all available information? Are you trying to force individuals to use stockbrokers? This is America, for heaven's sake. We don't do things that way! We don't need advisors to make our decisions for us. We are asking you to defeat this proposed regulation. Very truly yours. Ronald and Anne Favor 322 N. Via Del Ciruelo Green Valley, AZ 85614-5904 (520) 648-5075


Author: at Internet Date: 04/27/2000 12:20 PM Normal TO: RULE-COMMENTS at 03SEC Subject: Please.. ------------------------------- Message Contents Dear SEC, I wholeheartedly support your efforts to level the playing field. I think it is disgraceful to allow selective disclosure, especially in this age of the internet. As I have gained more knowledge of the market, I am losing confidence in the fairness to small investors. Please don't give in to the "big money" interests who seek to maintain their unfair advantage. While the US market is the best, a loss in confidence in its fairness will surely deter more and more investors. Best wishes, Bob Fiocco


Author: "Rick Gandenberger" at Internet Date: 04/27/2000 8:55 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed regulation FD "Full Disclosure" ------------------------------- Message Contents Please approve SEC Regulatory Change Proposal for Full Disclosure. As an individual investor, it is apparant that there are "insiders" with an agenda and "investors" who look at a company's securities from a financial perspective. When a major, influential, brokerage house announces that it it is paying attention to a security, and then, in spite of positive fundamentals, the security has huge institutional short interest, and subsequently the company is either sold below value or the stock spikes on a positive recommendation, it is obvious that there is an agenda being followed. Brokerages who participate in limited information phone conferences, etc., should be considered "insiders." George F. Gandenberger 330 S. Salem Street Dover, NJ 07802-0171


Author: Andrew Gill at Internet Date: 04/27/2000 9:17 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD ------------------------------- Message Contents Sirs: Allowing selective disclosure of information violates the desire that everyone be treated equally and fairly. The fight for equality and to be treated fairly s is a fight that many Americans have already fought. Investors are now a new group fighting for another form of equality. Since we as investors own the companies on Wall Street, investors should be allowed access to the information about those companies without having to play catch-up with the insiders! No one would support such a practice except for those who profit by it and who would be seen as violators. Andrew Gill


Author: "Daniel Goldschmidt" at Internet Date: 04/27/2000 10:57 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD File No. 57-31-9 ------------------------------- Message Contents Gentlemen: It is of the utmost importance that we have full disclosure to all interested parties. I am retired and make my living from being a individual investor. I analyze all pertinent news, and listen to all earnings conference calls available to me in order to do this in a profitable astute manner. Please do not allow others to have more information than is available to me.


Author: "Daniel Goldschmidt" at Internet Date: 04/27/2000 10:57 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD File No. 57-31-9 ------------------------------- Message Contents Gentlemen: It is of the utmost importance that we have full disclosure to all interested parties. I am retired and make my living from being a individual investor. I analyze all pertinent news, and listen to all earnings conference calls available to me in order to do this in a profitable astute manner. Please do not allow others to have more information than is available to me.


Author: "Steve" at Internet Date: 04/26/2000 9:40 PM Normal TO: RULE-COMMENTS at 03SEC Subject: Selective Disclosure ------------------------------- Message Contents Level the playing field --STOP selective disclosure Steve Goldstein San Jose, CA Independent Investor


Author: Larry Hill at Internet Date: 04/27/2000 6:40 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Fair Disclosure ------------------------------- Message Contents To Whom it May Concern, I would like to go on record as being in support of the SEC's efforts to promote rules that will ban selective disclosure of information by publicly held companies. As an individual investor, I would like to have all the information I can possibly have in order to make good investment decisions. The allow some people to have access to more or different information is to provide them with an unfair advantage that makes them an 'insider' when compared to the average investor. That is not fair and does a disservice to people who can think for themselves. I'm sure you have many of these to read, so I won't take any more of your time. Sincerely, Laurance O. Hill


Author: at Internet Date: 04/27/2000 10:12 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Rule ------------------------------- Message Contents As the Securities and Exchange Commission (SEC), you are proposing to change the rules that currently allow companies to give important information to Wall Street analysts without simultaneously giving the news to the public at large. I disagree, when Wall Street is spending big and lobbying hard to keep the current system of selective disclosure in place, something is wrong. Unequal information is unequal advantage for the possessor of the information. The entire market place has an equity in available information. Richard Hogue


Author: at Internet Date: 04/27/2000 6:36 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD:File No. 57-31-99 ------------------------------- Message Contents I am opposed to the analysts getting advance information on what companies are doing. Sandra Hughes


Author: "Irish; S" at Internet Date: 04/27/2000 8:04 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD: file no. S7- 31-99 ------------------------------- Message Contents To whom it may concern, As a "small investor", I feel that I should have the same information available to me that large companies and brokerages have. As the U.S. moves further into the technology era, with expanded market hours and online trading, individual investors should access to the same information that Wall Street analysts do. I am fully capable of making my own investment decisions - change the rules so that I can be better informed. Sincerely, Shawn W. Irish U.S. Navy


Author: Kenneth Jack at Internet Date: 04/27/2000 1:39 AM Normal TO: RULE-COMMENTS at 03SEC Subject: "Proposed Regulation FD: File No. 57- 31-31-99" ------------------------------- Message Contents Dear Sirs: Concerning your upcoming decision on Securities Information Releases, I firmly believe that release of such information should NOT BE WITHHELD FOR A CHOSEN FEW who can thus make their market moves ahead of an Ignorant Public. The present system provided information to those who, quite frankly, need it the least with large research staffs, etc. I strongly urge you to make it so the little guys can receive what is now privileged information reserved for a privileged few. Sincerely, Kenneth Jack 710 Nuckols Street Red Oak,Iowa 51566


Author: at Internet Date: 04/27/2000 7:55 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Full Disclosure to the public ------------------------------- Message Contents As an independent investor, why can I not have the same information as the people who are paid the large sums in select companies? I support full disclosure to the public. Raymond J. Kelly 4399 Brandywine Drive Boca Raton, Fl 33487


Author: Al Licause at Internet Date: 04/27/2000 8:06 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Unfair selective disclosure ------------------------------- Message Contents It has been brought to my attention that current rules and regulations allow selective corporate information to be released to select sccurities brokers. This information is purposely held from the public. Such information gives the security houses an unfair advantage in the market place. With so many individuals trading directly through Internet accounts and other methods, avoiding the high fees and in many cases, poor advice given by these financial institutions, it seems very unfair and quite unethical to continue this practice of selective information. I for one, would like to go on record as objecting to "insider" information to be used increase their already sizeable financial fortunes at the expense of the small investor. The SEC would be quick to prosecute individuals for acting on private information. So should they stop this current practice. Sincerely, Al Licause


Author: at Internet Date: 04/27/2000 10:47 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD ------------------------------- Message Contents Selective disclosure is a financial scandal. I have taken my money back from some of the best brokerage houses in the nation, (which I entrused for some 20 years), and in the past 5 years done far better than they ever did. (Me, a mere Physical Therapist). Full public disclosure, without preference towards any financial institution can only improve the world of investing in our country by the individual in an equitable way. Gayle Magruder


Author: at Internet Date: 04/27/2000 11:27 AM Normal TO: RULE-COMMENTS at 03SEC Subject: The new proposed selective disclosure law by SEC ------------------------------- Message Contents Dear Sirs: The new law as it is proposed with selective disclosure to registered brokers of certain financial information which would not be available simultaneously to the public at large is to my way of thinking unfair to the public and to the self directed investor such as myself. I am opposed to its passage and implimentation. Respectfully, William M. Marsh


Author: "Dave McFerren" at Internet Date: 04/27/2000 8:02 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Selective Disclosure and Insider Trading ------------------------------- Message Contents It is of the upmost importance that the SEC take action to stop selective disclosure and Insider trading. Leveling the playing field is necessary. Individual traders make up the majority of trading done in todays market. Allowing the passing of sensitive informantion that allows a select few to profit is not ethical nor should it be considered the way business is done. You must act to force the providing of information to everyone at the same time. Give us the chance to participate in the information passing and the profits that currently are going to the select few.


Author: "KENT OHARA" at Internet Date: 04/26/2000 11:23 PM Normal TO: RULE-COMMENTS at 03SEC Subject: Selective disclousre ------------------------------- Message Contents Selective disclosure should be ended right away. This is one of the worse forms of inside trading to ever have existed.


Author: Jack Outhier at Internet Date: 04/27/2000 11:13 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Ignorance is not beneficial ------------------------------- Message Contents Dear Sirs/Madams: As a Registered Investment Advisor who has given himself to developing appropriate investor behavior, I have come to resent the small core of "analysts" who manipulate and play the market for their own benefit. Anyone investing their precious life's earnings or retirement savings in any company should be privy to every bit of information that is available regarding that company -- good or bad. For another to presume that they can benefit the individual investor by enforcing a degree of ignorance through secrecy is extremely insulting. I applaud your proposal of Regulation FD and heartily endorse Fair Disclosure for everyone! In an "Information Age", your move toward more open and free information is highly appropriate. Benjamin Franklin said, "Put your money in your head and your head will fill your purse." His maxim supporting education is still true; the most powerful tool for investing success is knowledge. Let us invest in our education about the companies we are considering purchasing, and that investment will be rewarded many times over! These "analysts" have certainly not added stability or decreased volatility as they would have you believe... just review the history of the market and you can see that is a false claim. Sincerely, Jack Outhier Registered Investment Advisor


Author: "Bill Padgett" at Internet Date: 04/26/2000 11:23 PM Normal TO: RULE-COMMENTS at 03SEC Subject: ProposedReg FD: File # S7 31 99 ------------------------------- Message Contents I am in accord with the proposed regulation and request the proposed regulation be instituted. Thank You, William J. Padgett Retired Engineer and purchaser of stock.


Author: at Internet Date: 04/27/2000 1:23 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Selective Disclosure ------------------------------- Message Contents Dear SEC: I've been an investor for more than 30 years, and have done reasonably well, despite the small investor's disadvantages. I always thought it unfair that the large funds got all the hot issues, preferred placement in new issues, and most of all the "first tips on new issues and changes in recommendations." The public always gets screwed, unless you own one of these funds that gets the most timely information. Also, I always felt that if I owned the stock, I should know what the P/R troops are telling the Street. It also ways seemed to me, that the trick in having a great stock was to keep the existing shareholders from selling. Losing shareholders or customers is very expensive and it costs plenty to replace them than to keep them. Just send along the research to the existing shareholders. If you have lots of money in the market, you have to see what is happening on CNBC. This show has real power over the market. The real problem is the Press likes wars rapes, murders, and disasters (i.e., bad news). CNBC, I postulate, adds volatility to the market! But, how much I don't know. About the only advantage the public individual investor has today are (1) much lower brokerage commissions, (2) the ability to sneak in between the bid's and asked prices, and (3) to sell quickly a small amount of stock before the major institutions kill a stock. The public never gets a fair shake in buying bonds; this is a market for pirates and idiots. There is no information like the stock tables on the internet or the newspapers. As far as "selective disclosure goes" there is absolutely no excuse for a company when its "doing a road show" not to disseminate the information on the Internet. Full and Fair disclosure means that everyone gets equal shot at the target. There have been lots of decisions like Cady-Roberts and Ray Dircks tip the fraudulent financial company in California. The internet is a terrific medium to help disclosure to many people at once. I also think there should be much "faster disclosure" of the Federal Reserve's Actions, not six weeks late. But, I surmise this is a jurisdictional dispute with you. The "fear of the Fed" has more to do with stock prices than all, but the most damaging sales and earnings information from companies. The Fed has sort of taken over from God during the Middle Ages! Thank you for your consideration. Joseph P S Pampel


Author: at Internet Date: 04/27/2000 8:33 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD ------------------------------- Message Contents Gentlepersons, We have to level the playing field now. This proposal should go into effect. Cordially, CAPT. Roman E. Piotrowski USNR Ret.


Author: Brian Rafferty at Internet Date: 04/27/2000 7:25 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Free flow of information ------------------------------- Message Contents In America, the "free marketplace of ideas", institutions should not have an artificial advantage over individuals. When companies disclose their information to the "public", it should not be filtered or shown first to brokerage firms, giving them an artificial advantage over individual investors. The individual investors are the ones who must decide where to put their money. Let them have the information directly rather than forcing them to go through brokerages who may not be any wiser than individuals. Thanks, Brian Rafferty Senior Programmer-Analyst Parkland Health & Hospital System (Dallas, Tx)


Author: "Lance Rossier" at Internet Date: 04/27/2000 2:54 AM Normal TO: RULE-COMMENTS at 03SEC Subject: SEC rule change! A new day and age has come to pass! ------------------------------- Message Contents In a DAY AND AGE PAST, when individuals entrusted others to execute and manage their investments, the rule that has stood worked fine, although it was elitist and protectionist in nature. But, in this NEW DAY AND AGE, when individual investors DIRECTLY EXECUTE AND MANAGE THEIR OWN MONEY, it is essential that they have access to the same information as licensed investors. The SEC, being an arm of the federal government, exists for the purpose of protecting the interest and needs of "We The People", and not to serve the business elitist wishes for exclusionary protectionism. The playing field MUST be leveled!


Author: "Lee Shelton" at Internet Date: 04/27/2000 6:49 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD ------------------------------- Message Contents As a person whose primary source of income is individual investment I am much heartened by the fact that you are considering new rules that will level the playing field -- putting needed information into the hands of individual investors at the same time it goes to analysts and institutional investors. I spent many years in senior executive positions at some of America's larger corporations and have experienced first hand the problems with selective disclosure. While much of the current dialog about selective disclosure focuses on lack of access to scheduled analyst meetings managed by the company's investor relations group (which is certainly a problem) I am also concerned about the information that is passed in private phone calls and meetings between the CEO and analysts (a very common occurrance) and hope your rules consider all these avenues of disclosure. What I have never understood is why I, as an executive of a company, could be sent to prison for acting on insider information, while an analyst using that same information to reap a profit is considered normal and acceptable. That playing field needs also to be leveled -- by applying the laws of insider trading to anyone who profits from selectively disclosed information. Finally, I would like to respond to the primary argument in favor of continued selective disclosure. Not only do I not need an analyst to interpret information for me, I am concerned about the filtering that takes place in that "interpretation". Analysts are not paid to serve the public good -- they are paid to increase the profits of their employers. In many cases those increased profits (based on selectively disclosed information) are at the expense of the investors (individual and institutional) who did not have access to that same information. I look forward to a positive conclusion to this rule consideration. Thank you. M. Lee Shelton


Author: Wesley Sine at Internet Date: 04/27/2000 9:34 AM Normal TO: RULE-COMMENTS at 03SEC Subject: ------------------------------- Message Contents To whom it may concern. I strongly believe that the selective release of information only to those wall street players with lots of power and money damages free enterprise and inhibits social mobility. In essence it is opposed to those qualities that make America great. WESLEY SINE Cornell University


Author: at Internet Date: 04/27/2000 9:47 AM Normal TO: RULE-COMMENTS at 03SEC Subject: ------------------------------- Message Contents It' absolutely outrageous that this rule even be considered. How would I be ale to gather ALL the information I require before investing in a venture. Cindy Lee Stap, MCNE,MCSE Download NeoPlanet at http://www.neoplanet.com


Author: at Internet Date: 04/27/2000 8:47 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Disclosure ------------------------------- Message Contents It should be the basic freedom of each American to receive complete information of products deemed to be public, i.e., stocks. Remember the "P" in IPO. For those that crave the information to digest and assume the risk associated with the market, they should be allowed this opportunity. For those who wary from situations such as this will continue to count on third parties for investment advice. It should be the choice of the individual, not the government. Plus, providing this early information to the "in the know" individuals guarantees results similar to that of the lottery. Jason Stephenson Tampa, FL


Author: "Sterling Suddarth" at Internet Date: 04/27/2000 8:18 AM Normal TO: RULE-COMMENTS at 03SEC Subject: FD 57-31-99 ------------------------------- Message Contents As an individual investor I'm much infavor of this regulation . To have a level playing field for all is just. Sterling Suddarth RT 1 Box 191P Martinsburg WV 25401


Author: "wares " at Internet Date: 04/27/2000 10:17 AM Normal TO: RULE-COMMENTS at 03SEC Subject: fair play ------------------------------- Message Contents Please act on behalf of all investors and pass the proposed reg.FD:File S7-31-99 Bruce Ware Venture North Associates


Author: "Don Whitlatch" at Internet Date: 04/27/2000 8:02 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD; File No. S7 31-99 ------------------------------- Message Contents I am in favor of proposed regulation FD. I believe it is wrong for companies to discreetly disclose important information to Wall Street analysts, without at the same time, also giving that information to the public at large. Don Whitlatch whitco@home.com


Author: at Internet Date: 04/26/2000 9:23 PM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation ------------------------------- Message Contents Proposed regulation FD: FileNo. S7-31-99 it is about time thank you. Dean Wilson


Author: "Tom Wilson" at Internet Date: 04/27/2000 8:33 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed reg FD:File no. 57-31-99 ------------------------------- Message Contents Level the playing field Tom Wilson


Author: "ROLNREP" at Internet Date: 04/27/2000 8:21 AM Normal TO: RULE-COMMENTS at 03SEC CC: at Internet Subject: S E C INFORMATION REQUIREMENTS ------------------------------- Message Contents As an adult I feel I am in the best position to determine what information I require . Please do not try to censor the information made available to me . I will make the choice as to what is important and relevant to me and my investment portfolios . Thank you , Rod W ise


Author: at Internet Date: 04/27/2000 3:24 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Proposed Regulation FD! ------------------------------- Message Contents Dear Sir, If I decide to invest in a company for many years, I should be entitled to the same information that any or all Tom, Dick and Harrys receives whenever an issuer intentionally discloses material information. I don't need an analyst to "selectively disclose" this information at a time that may be most advantageous to him or herself, and not to the public as I believe occasionally occurs. I salute you for this proposed regulation. Thank you, A. Zarvos


Author: Hazel & Henry Zimmer at Internet Date: 04/27/2000 11:15 AM Normal TO: RULE-COMMENTS at 03SEC Subject: Fairness to all investors ------------------------------- Message Contents I believe the current system should be changed requiring publicly held companies to give information to all investors at the same time, adhering to the principle of fairness and the free flow of information.I support the current proposed changes by the SEC. Hazel Y. Zimmer Social Worker ` HYZ Work Family Consulting

http://www.sec.gov/rules/0427b01.htm


Modified:05/05/2000