The basic structure for the public distribution of securities in the United States--which places limits on a company’s communications before a final prospectus is available--was adopted almost seventy years ago, before the revolution in electronic communications and the advent of the Internet. The capital markets are globalized for institutions...

Financial firms need to be prepared in case a rumor crisis occurs; however, the SEC may make it illegal for the company to defend itself.

Regulation FD, an SECproposal to require firms to release information to everyone if they release it to anyone, has a commendable intent, however, the impact of the regulation will likely be the opposite.

We should not fear, or object to, the competition of foreign markets; in fact, we should welcome it. But we shouldn't impair our own ability to compete with needless and costly regulation.

Beyond the Securities and Exchange Commission's oversight failures in the cases of Enron and WorldCom, the Commission's addiction to press coverage has led it to emphasize enforcement activities above all else.

The victims of Regulation FD and the Global Settlement are the very investors the SEC is supposed to protect.

Orderly markets in goods and services flourish without the heavy hand of regulation about disclosure (imagine if a car company could not talk with researchers from Consumer Reports without issuing a press release).

Urgent action by theSecurities and Exchange Commission is necessary if the United States is to retain its preeminence in the financial world.