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US watchdog's fair disclosure rule to take effect on Oct 23
REUTERS
Washington, Aug 24: The fair disclosure rule passed earlier this month by the Securities and Exchange Commission of the United States officially goes into effect from October 23, giving small equity investors equal access to the market news that big equity investors get. With the publication of the rule on Thursday in the United States government's bulletin board known as the Federal Register, United States companies will be banned as of October 23 from selectively giving market-moving news to stock analysts and large shareholders ahead of ordinary investors. Despite the objections of the Securities Industry Association, the Wall Street trade group that contended the measure could put a damper on the flow of communication, the Securities and Exchange Commission passed it 3-1 on August 10.Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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