The Securities and Exchange Commission formed an internal study group in November, 1967, to examine the operation of the disclosure provisions of the Securities Act of 1983 (hereinafter referred to as the '33 Act), the Securities Exchange Act of 1934 (hereinafter referred to as the '34 Act), and SEC rules and regulations thereunder. This study group (hereinafter referred to as the Study) was under the direction and supervision of SEC Commissioner Francis M. Wheat. In March, 1969, the Study made its report to the SEC of its findings and proposals. The report is entitled Disclosure to Investors-A Reappraisal of Administrative Policies under the '33 and '34 Acts, but is more commonly known as the Wheat Report. The scope of this comment will be to examine and evaluate the Study's proposals in regard to: (1) the form and content of '33 Act prospectuses; (2) the dissemination of '33 Act prospectuses; (3) the use of publicity to create interest in the sale of a new security before a registration statement, as required by the '33 Act, is filed for that security (i.e., the problem of "gun jumping"); (4) secondary transactions; and (5) brokers' transactions.

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