The U.S. Securities and Exchange Commission set forth guidelines for its staff, informing them to avoid issuing subpoenas to the media.

In the policy statement issued today, the commission sets forth guidelines for the agency’s professional staff, “to ensure that vigorous enforcement of the federal securities laws is conducted completely consistently with the principles of the First Amendment’s guarantee of freedom of the press, and specifically to avoid the issuance of subpoenas to members of the media that might impair the news gathering and reporting functions.

“Freedom of the press is of vital importance to the mission of the Securities and Exchange Commission,” it added. “Effective journalism complements the commission’s efforts to ensure that investors receive the full and fair disclosure that the law requires, and that they deserve. Diligent reporting is an essential means of bringing securities law violations to light and ultimately helps to deter illegal conduct.”