Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Internet Law & StrategyKickerFeaturesTopicsTechnology Media and TelecomSectionsNewsLJN Newsletters

SEC Guidance on Company Web Site Use

By Briar McNutt and Elizabeth Simon

Over the past several years, rapid developments in technology and the Internet have significantly enhanced the quantity and quality of information available to investors. Investors are now able to retrieve information from the Securities and Exchange Commission (“SEC”) and many companies instantaneously. Acknowledging the significant technological advances since the SEC last provided guidance on Internet issues relating to the Securities Act of 1933 (the “Act”), the SEC, on Aug. 1, 2008, issued an interpretive release that provides updated guidance on the disclosure of investor information on company Web sites. Through this interpretative guidance and recently proposed rules to require companies to file financial statements in an interactive data format using XBRL (eXtensible Business Reporting Language), the SEC has sought to modernize its rules and the information it requires companies to disclose to investors to address the technological capabilities now widely available to most investors.

The SEC issued the release on company Web site use in an attempt to encourage the continued development of company Web sites as a vehicle for delivery and dissemination of information to investors. The release, which supplements earlier guidance from 2000 (Use of Electronic Media, Release No. 33-7856, available online at www.sec.gov/rules/interp/34-42728.htm), addresses the following areas:

  • When information posted on a company Web site is “public” for purposes of the applicability of Regulation FD (Fair Disclosure);
  • What liability a company has for information on company Web sites (including previously posted information, hyperlinks to third-party information, summary information and blogs);
  • What controls and procedures are advisable with respect to information posted on a company Web site; and
  • The format of information presented on a company Web site.

When Information Is 'Public'

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
The Article 8 Opt In Image

The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.

Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers Image

There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.

Major Differences In UK, U.S. Copyright Laws Image

This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.

Strategy vs. Tactics: Two Sides of a Difficult Coin Image

With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.

Transfer Tax Implications on Real Property Leases Image

The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.