(The same table of contents appears in volume 2)

CONTENTS

(Volume 1)

Page

Introduction

Digest of the report__

Part I: "Participants in the Disclosure Process" :

Chapter I. The Role of the Company_-_.

.D-1

I

1

Chapter II. The Role of the Security Analyst..

36

Chapter III. The Role of the Portfolio Manager.......

148

Chapter IV. The Role of the Information Disseminator..

Chapter V. The Role of the Registered Representative_

Chapter VI. Survey of Individual Investors..

162

240

269

Part II: "Recommendations Concerning Commission Procedures in De-

veloping Disclosure Requirements and Standards":

Chapter VII. The Objectives of the Securities and Exchange Commis-

sion in the Corporate Disclosure System___

305

Chapter VIII. Materiality Considerations_-_.

320

Chapter IX. The Commission's Rule-Making and Monitoring Prac-

tices

Chapter XII. Disclosure of Social and Environmental Information__

Chapter XIII. Proxy Statement Requirements....

391

399

Chapter XIV. Further Integration of the 1933 and 1934 Acts..

420

Chapter XV. Reporting Requirements Under the 1934 Act..

Chapter XIX. Corporate Disclosure Under the Securities Act of 1933

Chapter XX. The Nature of Mandated Disclosure_

Chapter XXI. Liability Provisions of the 1933 and 1934 Acts----

Chapter XXII. Sensitive Foreign Payment Disclosures: The Securi-

ties Market Impact---.

(III)

and the Securities Exchange Act of 1934: A Histori-

cal Perspective_--

556

618

657

694

II-C: Fixed Income Analysts Society report----

A-62

III-A: Investment decision-maker interview guide.

A-74

IV-A: Disseminator questionnaire__

IV-B: Hybrid dissemination/questionnaire_

A-93

A-95

IV-C: Media general data items_.

A-117

V-A: Survey of registered representative questionnaire and tabu-

lation

A-119

V-B: SIA report on registered representative survey-.

A-124

V-C: Comments from question 19 of registered representative

survey

A-136

V-D: Tabulation of brokerage firms' recommended lists------ A-192

YI-A: Individual investor questionnaire....

A-264A

X-A: Evolution of, SEC policies and practices regarding projec-

tions

A-265

X-B: Summary of principal arguments for and against the inclu-

sion of projections in SEC filings..

A-310

X-C: Feintuch memorandum.......

A-330

X-D: Moomjian memorandum_

A-377

XVI-A: Revision of regulation S-X..

A-409

XVI-B: Report of the AICPA Special Committee on the SEC disclo-

sure study---

A-455

(V)

REPORT OF THE

ADVISORY COMMITTEE ON CORPORATE DISCLOSURE

TO THE

SECURITIES AND EXCHANGE COMMISSION

NOVEMBER 3, 1977