The Security and Exchanges Commission meant to protect investors when it issued the final version of its "Selective Disclosure and Insider Trading" rule on Aug. 10, but banking analysts say it is already having the opposite effect.

Eric E. Rothmann, an analyst at First Security Van Kasper in San Francisco, said that banks have released less information and have replaced in-person question-and-answer sessions with conference calls and Webcasts. Among publicly traded companies affected by the rule, "banks have taken the most conservative reaction," he said.

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