The Securities and Exchange Commission is weighing rules to tear apart the "web of dysfunctional relationships" that exists among companies, analysts, and investors, SEC Chairman Arthur Levitt Jr. said Monday.

Mr. Levitt told a group of more than 100 lawyers at an Association of the Bar of the City of New York meeting that the agency plans to propose a rule by yearend that, among other things, would clamp down on companies that share information with some analysts while excluding others.

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