SEC's Fair Disclosure Rule Should Go: Report

Law360, New York (February 13, 2007, 12:00 AM EST) -- The federal securities regulator should abandon its fair disclosure rules because they do “more harm than good,” a new report by conservative think tank American Enterprise Institute argues.

Far from protecting ordinary investors by forcing companies to publicly disclose information, the U.S. Securities and Exchange Commission was guilty of regulation overkill which impeded investors.

Peter Wallison, a senior fellow at the AEI, said the SEC’s Regulation Fair Disclosure Rule, established in 2000, and the Commission’s 2003 global settlement with the big investment banks had perversely restricted...
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