In recent speeches, Arthur Levitt, the chairman of the commission, has criticized companies for selectively disclosing key information to certain investors.

"Pretty much all the S.E.C. is saying is don't selectively disclose material information," he said.

Further automation of this process can lead to automated trust negotiations (e.g. see Winslett) where technical devices negotiate trust by selectively disclosing credential, according to rules defined by social agents that they represent.

Among other factors, Mr. Goldschmid was the architect of Regulation FD, for fair disclosure, a rule that generally prohibits companies from selectively disclosing material information.

GlaxoSmithKline officials have denied that they selectively disclosed trial findings.

Mr. Bush is selectively disclosing parts of his budget in advance - specifically, those proposals likely to win political support - as Mr. Clinton often did.

"It is very clear to me, and to the S.E.C's enforcement division, that issuers should not selectively disclose information to certain influential analysts, in order to curry favor with them and reap a tangible benefit, such as a positive press spin," he said.

I'm the public, I own the airwaves in dispute, why should ATT, when petitioning me for use of them only selectively disclose bits?

These include prohibitions against trading on inside information; rules against selectively disclosing information to some shareholders and not others; efforts to police corporate conflicts of interest and the wisdom of removing restrictions on the roles that investment banks can play.

Regulation FD (for full disclosure), a rule that took effect in October 2000, prevents companies from selectively disclosing anything to one or more people without making it public.