The hacking of company information at the U.S. Securities and Exchange Commission is a matter of significant concern to financial markets, was badly underplayed in the SEC’s announcement, and has been inadequately explained to companies and investors, several experts told Corporate Counsel Thursday.

“What a doozy! And they buried it in their statement,” complained Amar Sarwal, vice president and chief legal strategist of the Association of Corporate Counsel in Washington, D.C. The SEC issued a statement in the format of an overview of the agency’s policies and procedures, with the hacking disclosure buried deep inside it, failing to give it “the attention that it deserves,” he said.

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