WASHINGTON - The Securities and Exchange Commission has issued new guidance that gives market participants more flexibility in the information they can withhold from preliminary official statements.

SEC Chief Counsel Robert Colby said in a letter to the Public Securities Association that information about credit enhancements and other features of deals that is not "reasonably ascertainable" before the securities have been priced generally does not need to be included.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.