Company websites are evolving from a "static" to a "dynamic" medium, according to the Securities and Exchange Commission, and thus the concept of public dissemination is being revised. In August, the Commission issued an "interpretive release" on this issue, touching on disclosure, blogs and the use of press releases. This can have an effect on corporate communications and PR strategies in the near future.

The SEC raised the potential for a scaled-back role for PR wire services in the dissemination process, stating that companies may be able to issue "notification" releases with limited information, letting the public know that the full text of a release is available on the company's website.

This reiterates the SEC's view that the presentation of summaries or overviews to highlight important information may be helpful to investors but cautions companies to consider ways to alert readers to the location of the detailed disclosure from which such summary information is derived. Companies are encouraged to consider the following techniques that may highlight the nature of the summary or overview information:

• use of appropriate titles identifying information as summary in nature

• use of additional explanatory language

• use and placement of hyperlinks to the more detailed information

• use of a "layered" or "tiered" format that presents summary information on an opening page, with embedded links that enable the reader to obtain more detail by clicking on the links.

The interpretive release also makes it clear that the antifraud provisions of the federal securities laws apply to blogs and to electronic shareholder forums, and companies may be liable for statements made by or on behalf of the company in these forums. Accordingly, companies should consider implementing controls and procedures to monitor statements made by or on behalf of the company on these types of electronic forums.

Company representatives should know that even though they may be posting as an individual, their posts might nevertheless be deemed to be on behalf of the company. Companies cannot require investors to waive their protections under federal securities laws as a condition to entering or participating in a blog or forum. In other words, be very careful regarding whom blogs about your company and what they say.