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October 13, 2000

The Securities and Exchange Commission rejected a corporate group's request to delay the Oct. 23 starting date for a new rule barring selective release of important company news.

The group, the National Investor Relations Institute, had asked the SEC to delay the rule it approved in August barring companies from releasing market-sensitive information to favored Wall Street analysts before announcing it to the public. The rule affects companies' discussions of profits, new products and other important news.

NIRI said the SEC was showing "gross insensitivity" because, it said, many companies needed more time to assure their compliance.

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