By Stephen J. Schulte and Steven J. Spencer
This article was originally published in the Fall 1999 issue of Securities Law
Developments.
The Internet’s ease of use and ability to transmit information broadly and
efficiently have revolutionized corporate communication. Over 98% of the 1999
"Fortune 500" companies have Web sites. A typical corporate site includes or
hyperlinks to a variety of data, including product and service information, financial and
general corporate information, press releases, stock quotes, management presentations and
EDGAR filings.
Currently, securities practitioners advising companies with respect to Web site design
and maintenance must work within the structure of a limited number of SEC pronouncements
and interpretations that trace back to the Commission’s October 1995 Release
regarding electronic delivery. Although these pronouncements have been an excellent
starting point for applying Federal securities law within the context of
