This article concerns the disclosure of corporate information to security analysts. The various restrictions on the use of information gained from corporations is discussed. The implications of the Texas Gulf Sulphur, Cady Roberts Co. and the Capital Gains Research Bureau cases are appraised. Several examples or situations are interpreted by the Securities & Exchange Commission solicitor.

(Note: This article is based on the author’s talk given to the New York Society of Security Analysts on February 17, 1966. The views expressed in this paper are the author’s own and not necessarily those of the Commission or of his colleagues on the Commission’s staff.)