In an unprecedented move, the Bush Administration has given its director of national intelligence the authority to exempt corporations from making certain disclosures required by federal securities laws.
The revelation, first reported by Business Week in May, surprised several securities lawyers who spoke with Compliance Week, although many say it’s to be expected in the current climate of heightened sensitivity to terrorism. And upon closer scrutiny, while the president’s move is legal, apparently it can’t be widely applied and is likely be of little consequence to many businesses and investors.
