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You may register online at www.aei.org/inv010530.htm.

Current Policy Issues in Securities Regulation

Wednesday, May 30, 2001, 9:00 a.m.-3:30 p.m.
Wohlstetter Conference Center, Twelfth Floor, AEI
1150 17th Street, N.W., Washington, D.C.

The basic structure for the public distribution of securities in the United States-which places limits on a company's communications before a final prospectus is available-was adopted almost seventy years ago, before the revolution in electronic communications and the advent of the Internet. The capital markets are globalized for institutions trading privately, but the access of U.S. residents to foreign securities is still restricted in various ways. The SEC's recent Regulation FD ("Fair Disclosure"), which requires companies to disseminate material information to the public at the same time the information is distributed to selected groups, may diminish the role of analysts as information intermediaries.
	Does the communications revolution require changes in the securities distribution process? Is there a responsible way to create truly globalized securities markets? Is Regulation FD soundly based in policy or academic work? This conference, sponsored jointly with the Securities Industry Association, will address these and other questions.

8:30 a.m.
Registration

9:00
Introduction:
Peter J. Wallison, AEI

9:15
Reform of Public and Private Offering System

Presenter:
William J. Williams, Jr., Sullivan & Cromwell

Discussants:
Kenneth Josselyn, Goldman, Sachs & Co.
Anita Klein, Securities and Exchange Commission
Donald C. Langevoort, Georgetown University Law Center

10:45
Internationalization of Primary and Secondary Offerings

Presenter:
Hal S. Scott, Harvard Law School

Discussants:
Robert L.D. Colby, Securities and Exchange Commission
Edward F. Greene, Cleary, Gottlieb, Steen & Hamilton
Jonathan Macey, Cornell Law School

12:30 p.m.
Lunch

1:30
Regulation FD and the Value-added of Analysts

Moderator:
James K. Glassman, AEI

Presenters:
Brad Barber, University of California at Davis
Frank Fernandez, Securities Industry Association

Discussants:
David M. Becker, Securities and Exchange Commission
Tom Burnett, Merger Insight
Kevin A. Hassett, AEI
Joseph McLaughlin, Brown & Wood
Louis M. Thompson, Jr., National Investor Relations Institute

3:30	Adjournment


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You may register online at www.aei.org/inv010530.htm, or fax this form to 202.862.7171, or mail this form to Conferences, American Enterprise Institute, 1150 17th Street, N.W., Washington, DC 20036.

For additional information, please contact Lydia Regopoulos at 202.862.5845.

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