Should the Commission define “public disclosure” for purposes of proposed Item 1.04?
Yes, a formal definition of the phrase “public disclosure” would reduce misinterpretation for management. We recommend that public disclosure be defined as, “disclosure of information to third parties either orally, telephonically, by web cast, broadcast, or similar means.” • Proposed Item 1.04 would apply only to disclosures regarding completed annual or quarterly fiscal periods. Should we expand the scope of proposed Item 1.04 to require the filing of all material updates to estimates for current or future fiscal periods? No, the disclosure of material updates to estimates for current or future periods are already covered by Regulation FD and, therefore, any guidance provided by management would be required to be publicly disclosed. The method of disclosure of such information typically is by press release, which is appropriate for estimates of future financial results. Requiring the disclosure of preliminary information to be disclosed in Form 8-K would reduce the level of communica
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- Should the Commission define "public disclosure" for purposes of proposed Item 1.04?
