By Cydney Posner

Is the SEC on top of this crisis in the financial markets? You betcha! Today, the SEC is hosting a roundtable on its 21st century disclosure initiative (see posting on 6/25). In light of the current crisis, the SEC has restyled this initiative as designed to explore ways to provide "more transparency to investors that will include discussion of lessons from the current credit crisis." Lipstick on a pig? The SEC's press release states that, among other things, panelists will address better ways to explain complex financial instruments to investors and the marketplace, and will propose ways to provide investors with more transparent, useful and timely access to high-quality information. Proceeding right to the core of our systemic woes, the first panel will address whether the "current system of collecting and filing data for SEC disclosure obligations has kept pace with the market….. It will also consider the data, technology, and processes that companies and other filers use in satisfying their SEC disclosure obligations. " The second panel will tackle possible solutions to our disclsoure problems by considering "how the SEC could better organize and operate its disclosure system so that investors could have better access to high-quality information and companies could enjoy efficiencies. In particular, the panel will discuss ways to structure disclosure data so investors can more effectively search for company data and compare investment options. The panel will describe a possible 'company file system,' in which core company information would be collected in a central structured data file, and will also discuss other approaches that harness technology to better serve investors and the markets." Who knew? If only companies had been collecting and filing data more efficiently in a central structured data file, perhaps the whole catastrophe….. But doggonit, you can't rewrite history.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as "Cooley"). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction, and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. When advising companies, our attorney-client relationship is with the company, not with any individual. This content may have been generated with the assistance of artificial intelligence (Al) in accordance with our Al Principles, may be considered Attorney Advertising and is subject to our legal notices.