SEC Press Release - EDGAR on Internet for Free

[James Love <love@tap.org>]

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TAP-INFO - An Internet newsletter available from listproc@tap.org
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TAXPAYER ASSETS PROJECT - INFORMATION POLICY NOTE
August 28, 1995
Crown Jewels Campaign - EDGAR

   This is a copy of the SEC's press release announcing that the
   the SEC will put EDGAR on a new SEC Internet site.  The release,
   which was forwarded to TAP by Michael Bartell, the SEC Chief
   Information Officer, marks a major change in policy for the SEC.
   SEC Commissioner Steve Wallman was an active and effective proponent 
   of this action within the SEC.  A number of individuals, firms and
   non-profit organizations contacted the SEC in support of a policy
   to continue free distribution of the EDGAR database on the Internet, 
   and those comments were very helpful.  David Lytel, a key White 
   House Offical on information policy issues, publicly urged the SEC
   to connect to the Internet and continue the free EDGAR dissemination
   program.  The popularity of the NYU/IMS service, and Carl Malamud's 
   shrewed and effective advocacy were very important factors.
   TAP's role was also important, IMHO.  
          James Love, TAP (love@tap.org; 202/387-8030)

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FOR IMMEDIATE RELEASE:                             
  
                  S.E.C. CHAIRMAN ARTHUR LEVITT DETAILS 
     AGENCY PLANS TO MAKE DATABASE WIDELY AVAILABLE 
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     Washington, D.C., August 27, 1995 -- In a speech today in  
Nashville, Tennessee, before the 45th Annual Investors Congress of  
the National Association of Investors Corporation, SEC Chairman  
Arthur Levitt announced the agency's plans to make its electronic  
database of corporate information widely available to the public  
through the Internet.   
 
     "This fall, the SEC will use the Internet to make available to  
all American investors, large or small, its public database of  
corporate information within 24 hours of when it's filed with us,"  
said Chairman Levitt.  The database is known as EDGAR, which stands  
for Electronic Data Gathering, Analysis, and Retrieval.   
 
     "It is a major Commission priority to use electronic  
communications to bring clearer, faster, more complete disclosure  
to investors as well as to reduce costs for issuers.  This  
represents a logical step in our efforts to better inform  
investors.  
 
     "One of the main reasons the SEC was created was to act as a  
library for corporate information and make it available to  
investors.  We receive about 12 million documents a year.  We've  
been thinking about how to make EDGAR better for years," continued  
Mr. Levitt.  "At the same time, the National Science Foundation  
sponsored a pilot project that put EDGAR out on the Internet and  
proved it could be done.  That experiment ends on October 1st.   
We've had many creative offers from the private sector to keep  
EDGAR on the Internet after that date, but all of them would in  
some way limit the amount of information available, or else attach  
too many commercial strings.   
 
     "Taxpayers and shareholders have already paid to compile this  
information -- they should not have to pay again.  And a library  
that charges people by the page, or by the minute, is no longer a  
library.   
 
     "Technology is so advanced that the cost to the Commission is  
quite modest.  With a personal computer and a modem, you'll be able  
to have the entire SEC Public Reference Room in your own living  
room.  You'll be able to research information and download  
documents.  Nothing could be better for investors -- and nothing  
could be better for the market, which thrives on accurate  
information.  The service will be free." 
 
     In close cooperation with Congress, particularly Congressmen  
Jack Fields (R-TX), Chairman of the Subcommittee on  
Telecommunications and Finance, Dan Frisa (R-NY) who has worked  
closely with us on this project in recent weeks, John Dingell (D- 
MI) and Ed Markey (D-MA), the Commission has been undergoing a  
thorough review of its use of technology to better communicate with  
investors and to simplify requirements and cut costs for corporate  
filers.  This review included an SEC technology conference held on  
August 14 in Washington, D.C. to solicit public input on how to  
improve the EDGAR system.  This initiative is the first of a series  
of EDGAR improvements envisioned by Chairman Arthur Levitt and  
Commissioner Steve Wallman. 
 
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+ Michael Bartell                                    +
+ CIO                                                    +
+ Securities and Exchange Commission  +
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