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The US Securities and Exchange Commission (SEC) addressed market participants with a number of ideas on electronic disclosures of financial information. Taking into account numerous positive changes of the Internet for the last several years (including appearance of social networks, blogs, RSS and, in general, increased interactivity of websites), it is no surprise that the SEC’s chief Christopher Cox sees so many new possibilities for “non-standard” discloses which will, nonetheless, be useful for investors.

The Commission remains unclear on defined criteria of information to be published on corporate websites in order to be treated as public, however. SEC plans to define requirements for hyperlinks to archived materials and other websites. And even so, in no way SEC’s going to treat simple publication of financial information on a corporate website as an adequate public disclosure.

This year’s March, the Central Bank of the Russian Federation also proposed to use websites as a source of information. Mikhail Sukhov, the CB’s member of the board, said that this was needed as a source of information on banks’ real owners that would make life of investors and simple citizens much easier**. Currently, only the regulator possesses this kind of information, but the Bank of Russia itself insists that it should be available to everybody.

Based on materials from “Gazeta”

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• *See also: “SEC Announces Successor to Edgar Database”
• **See: “Russian banks kindly asked to disclose who their real owners are” (published March 14)