SEC Charges Regulation FD Violation for Signaling Earnings; Repeals Regulation FD Exemption for Credit Rating Agencies

On 21 October the SEC announced the settlement of an enforcement action in which it charged Office Depot, Inc. and the company's chief executive officer and former chief financial officer with violating Regulation FD, or "Fair Disclosure," by selectively disclosing to analysts and institutional investors that the company would not meet analysts' earnings estimates. The SEC alleged that the company and the two executives had violated Regulation FD by "signaling," rather than expressly stating, that the company would not meet those estimates.

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