Became a Federal Regulation in 2000,requires companies to release “material information” to the public at the same time it is disclosing it to any institutional investor. If the disclosure to the institutional investor is accidental, the company has to quickly inform the public. But if the disclosure is planned, such as a quarterly conference call with analysts to discuss earnings, then public disclosure must be simultaneous.
Companies can meet that requirement in a number of ways, such as by filing a Form 8-K with the SEC that contains the information to be disclosed, or by opening the conference call to the public.
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