The proposal to stop the selective disclosure of corporate information to analysts has been expected for months, as the swan song of Harvey Goldschmid’s tenure as general counsel of the Securities and Exchange Commission. Now the question is: How significantly will the rule, if adopted as proposed, alter the legal landscape?

Essentially, the new Regulation FD (which stands for fair disclosure), is designed to stop the selective dissemination of information to a few favored securities analysts, a goal of SEC Chairman Arthur Levitt Jr.

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