SEC Staff Legal Bulletin

In SEC Staff Legal Bulletin No. 6 ("Legal Bulletin"), SEC staff details the factors issuers, broker-dealers, investment advisers, and investment companies should consider when disclosing the effects that the transition to the euro will have on their businesses. The Legal Bulletin specifies that disclosure obligations may arise in connection with:

• known trends or uncertainties related to the euro conversion that an issuer reasonably expects will have a material impact on revenues, expenses or income from continuing operations;
• competitive implications of increased price transparency of European Union markets (including labor markets) resulting from adoption of a common currency and issuers' plans for pricing their own products and services in euro;