Good, sober analysis. The only thing I would say is that people who are saying that the SEC is not going to do what it said it is are deluding themselves. They obviously didn’t listen carefully to the SEC meeting, which is available as a webcast on the SEC’s site.

Everyone, especially John White, was categorical that websites and blogs, or blogs by themselves, will be able to meet Reg. FD requirements. There is no doubt there and for the wire services to continue to deny that is misguided. That horse has bolted.

But you’re absolutely right, there are going to be conditions. And so there should be. You can’t just start a blog on blogger and five minutes later post your non-public earnings release there expecting people to find it.

But there are many companies with sites that are very well established that investors use regularly. They have RSS feeds, email alert lists and calendars with automatic reminders. These companies and their investors are ready for websites for disclosure, and have been for some time.

To the wire services I say don’t panic. The sky is not falling. But it is time to start thinking how you can add value to the IR community. It was a nice ride, but the gravy train is coming to a close. I’ve suggested allowing companies to use a notice and access approach for disclosure releases. Business Wire won’t let its clients do this, although Berkshire Hathaway does it. PR Newswire is happy to facility a notice and access method for earnings releases, which have always been permitted.

Another option. Make disclosure releases free to issuers, run them through a semantic engine and then sell that to algorithmic traders. They’d pay.