Institute Strongly Supports SEC Form 8-K Proposal Washington, DC, August 26, 2002 - The Institute filed a comment letter strongly supporting an SEC proposal designed to improve the timeliness and quality of corporate information disseminated to the general public, and urges the SEC to address similar public disclosure issues with regard to Regulation FD. The Institute explains that providing a specific list of events that would trigger the filing obligations under Regulation FD would not only provide greater precision and clarity to the rule, but also would help facilitate the real-time distribution of important information to the marketplace. The SEC proposal would, among other things: - add 11 new events that will trigger a Form 8-K filing obligation;
- shorten the deadline for filing Form 8-K to two business days after the occurrence of a triggering event;
- arrange the Form 8-K items into eight sections;
- create a new safe harbor for certain violations of the form's filing requirements; and
- grant an automatic two business day extension of the filing deadline to companies providing proper notice on Form 12b-25 of an inability to timely file a particular Form 8-K.
The Institute has expressed strong support for previous SEC proposals to amend Form 8-K that would strengthen corporate reporting of insider trading and require reporting companies to use Form 8-K to report all earnings announcements.
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