Peter Lattman at the WSJ’s Law Blog reports SEC Chairman Christopher Cox posted a comment on a blog. Cox further applauded the use of corporate websites as as a source of information to the market and investors.
Sun Microsystems CEO Jonathan Schwartz sent a letter to Cox in September requesting that the SEC allow corporate disclosures on Schwartz’ personal blog.
Last Thursday, Schwartz received the following comment on his blog:
I mailed the response to your letter yesterday, but since you’re talking about transparency and efficiency in communications, I thought you might appreciate my taking advantage of the Internet’s speed and potential for broad dissemination by posting here as well.
Lattman reports Cox went even further in his letter to Schwartz.
…Cox applauds the use of corporate websites as ‘as a source of information to the market and investors.’ Assuming the SEC were to embrace your suggestion that the ‘widespread dissemination’ requirement of Regulation FD can be satisfied through web disclosure,’ writes Cox, ‘among the questions that would need to be addressed is whether there exist effective means to guarantee that a corporation uses its website in ways that assure broad non-exclusionary access, and the extent to which a determination that particular methods are effective in that regard depends on the particular facts.’
And the vast majority of large law firms aren’t receptive to the use of blogs for business communication purposes?