Prof. Jayanth R. Varma’s Financial Markets Blog

A blog on financial markets and their regulation

Quiet Period in US Public Offerings

Earlier this year, I blogged
about the problems created by the quiet period during public offerings
of shares in the United States. The Lex column on “Quiet
Periods” in the Financial Times yesterday raises the
same issues and refers to the Blackstone example that I mentioned in
my blog posting. Lex concludes by saying that the US Securities and
Exchange Commission (SEC) should put the “onus on companies to
talk rather than hide”. This is a very elegant way of putting
it. Regulations must always impose a duty to disclose rather than a
duty to keep quiet.

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