SEC Issues Guidance On The Use Of Company Web Sites

Corporate and Securities Update

Introduction

In August 2008, the Securities and Exchange Commission published an interpretive release providing guidance on the use of company web sites under the Securities Exchange Act of 1934 and the antifraud provisions of the securities laws.¹ This release is part of the SEC's continued efforts to promote the use of company web sites as a vehicle for the dissemination of information to investors in order to bring SEC reporting requirements in line with twenty-first century technology and communication. The release addresses whether:

• information posted on company web sites may be used to comply with Regulation FD requirements;
  
  
• the antifraud provisions of the securities laws apply to information posted on or hyperlinked to company web sites; and