(October 12 – 16:35 ET) – The Securities and Exchange Commission has denied requests to defer the implementation of new rules requiring full disclosure from issuers. Regulation FD will take effect as expected on October 23.

The decision comes in response to calls for a later implementation date by the Securities Industry Association, the National Investor Relations Institute and others. Regulataion FD requires issuers to end the process of selective disclosure, informing the market at the soon as material information becomes available.

The NIRI has requested an extension until December 29. In a letter to the NIRI, SIA and others, SEC secretary Jonathan Katz stressed that SEC staff will be available to provide guidance on the meaning and effect of the rule. Requests for deferral had expressed concern over the ability of issuers to comply with the rule on such a short time frame. “The staff has every intention of continuing to be available for and responsive to requests for interpretive guidance, both before and after Regulation FD becomes effective,” says Katz.
-IE Staff