The Securities and Exchange Commission, the stock market's chief cop, wants the Little Guy to get more information about publicly traded companies. But proposals to improve corporate disclosure may be hard to enforce without more detail on what regulators want, observers say. The SEC Wednesday voted in favor of proposed new rules to clamp down on companies that provide important information only to a limited number of individuals, a practice known as selective disclosure. Instead, the SEC wants all "material corporate information" to be made available to the wider public through press releases, publicly accessible conference calls and meetings, or through filings with the agency itself. SEC Chairman Arthur Levitt recently called selective disclosure "a stain on our markets" because it puts the specially picked recipients of nonpublic information at an advantage. The SEC is seeking public comment on the proposed rules for 90 days. There are plenty of potential targets for the SEC. For instance, KeyCorp ( KEY) recently told one analyst it would fall short of the fourth-quarter earnings forecast. ( TheStreet.com
reported this Tuesday.) KeyCorp declined to comment.