Overview

The Securities and Exchange Commission ("Commission') is soliciting comment on current practices relating to disclosure of forward-looking information. In particular, the Commission seeks comment on whether the safe harbor provisions for forward-looking statements (set forth in Rule 175 under the Securities Act of 1933 ("Securities Act'), Rule 3b-6 under the Securities Exchange Act of 1934 ("Exchange Act'), Rule 103A under the Public Utility Holding Company Act of 1935 and Rule 0-11 under the Trust Indenture Act of 1939) are effective in encouraging disclosure of voluntary forward- looking information and protecting investors or, if not, should be revised and if revised, how. The Commission also seeks comment on various changes to the existing safe harbor provisions that have been suggested by certain commentators. Finally, the Commission is announcing that public hearings will be held beginning February 13, 1995, to consider these issues.