“Given recent volatility in BP share price, I’m told that information related to top kill is now considered stock-market sensitive, which means it has to be managed under disclosure rules for the London and N.Y. stock exchanges,” the BP media official said in an e-mail message. “In a nutshell, that means all investors must be provided information on an equal basis. That precludes me from sending you updates as various aspects of the operation unfold.” — today’s New York Times. Readers can correct me if I’m wrong, but I believe securities law itself, and not merely private exchange rules, currently constrains companies’ release of stock-market-sensitive information.
P.S.: Ira Stoll, better informed than I about the background, makes the same point: “I agree with Mr. Carr that this is a problem, but his quarrel should be with the SEC and Reg FD, not with BP.”