Commission Release Announcing Adoption of Full Disclosure Rules

July 24, 1996COMMISSION RELEASE ANNOUNCING ADOPTION OF FULL DISCLOSURE RULESWith this release the Securities and Exchange Commission ("Commission") announces the adoption of the full disclosure rules which establish an integrated disclosure system for registration statements and other reports which must be filed with the Commission and disseminated to investors. digestThis integrated disclosure system revolves around two core rules and numerous other related rules and forms which implement them. The core rules are RSA Rule 3-3, dealing with non financial aspects of filings, and RSA Rule 48, dealing with the financial aspects.The Commission received a number of comment letters in response to publication of the rules for comment in April, 1996. These comments were helpful in suggesting modifications to make the rules less burdensome while at the same time preserving the Commission's objective of ensuring the availability of timely and accurate information for investors.Several important changes have been included in the final rules. While it is the Commission's intention eventually to include all types of securities into the integrated disclosure system, it has decided that until...