The 21st Century Disclosure Initiative, established by Chairman Christopher Cox in June 2008, is the Commission's wide-ranging internal effort to fundamentally rethink financial disclosure. The Initiative will examine the basic purposes of disclosure from the perspectives of investors and markets and create a comprehensive high-level plan for overhauling the Commission's current forms-based disclosure system. By the end of 2008, the Initiative will produce a report that describes a modernized disclosure system and recommends future Commission action for a transition to the new system. The Initiative's proposed new system will use new technology to collect, manage, and provide structured disclosure information that is dynamic, accessible, and easier to use, while providing the Commission with tools to better fulfill its mission of protecting investors, maintaining orderly markets, and facilitating the formation of capital.

We invite you to participate by viewing our strategic plan and by contacting us.

http://www.sec.gov/spotlight/disclosureinitiative.shtml