Euro poses disclosure issues for SEC registrants; US companies are considering whether euro conversion might raise risks they must disclose

Article Abstract:

The European currency unit is to be introduced as the common currency of the European Union in 1999 and a related disclosure issue for SEC registrants with European activities is emerging. Many of these companies will have expenses, at times significant, as a result of the Euro conversion. Issues include how the currency risk can best be managed between now and Jan 1, 1999, and thereafter; human resources issues such as whether to pay employees in euros or in the national currency; and information systems issues such as the best record-keeping requirements. Legal issues emerge in the areas of contract and antitrust law.

Euro (Currency), European Union

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Rule 10b-5 and voluntary corporate disclosures to securities analysts

Article Abstract:

Possible liability under SEC rule 10b-5 discourages corporate officers from disclosure of forward-looking information to securities analysts, which decreases the efficiency of securities markets. To increase efficiency, the duty to update should be limited to information concerning long-lasting change. In addition, selective disclosure to analysts through proper means should be allowed, as held by the US Supreme Court in Dirks v SEC, rather than the equal access policy adopted by the SEC as indicated in SEC v Stevens.

Laws, regulations and rules, Investment analysis, Securities analysis

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Regulation FD: its creation, its authority, its possible impact

Article Abstract:

The author discusses the SEC's regulation FD, which it adopted to curtail selective securities disclosure practices.

United States, Practice, United States. Securities and Exchange Commission

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