On August 1, 2008 the U.S. Securities and Exchange Commission released
intepretive guidance regarding website disclosures by public companies.
Among others, the new release attempts to deal with some of the issues
concerning applicability of Regulation FD, some securities fraud and
liability issues, enhance the way public companies can communicate with
investors via features such as RSS feeds, blogs and discussion forums.
However, in well-established SEC tradition, the interpretation leaves
numerous matters into a sort of securities law gray area. For example,
it is unclear how the selective disclosure requirements of Regulation
FD will be enforced, or how the proxy solicitation rules would apply in
the context of online disclosure. If anything, the interpretation
leaves room for even further interpretation and clarification and I
seriously doubt that it will open the gates to diversified online
public disclosure by U.S. issuers. If anything, I expect public
companies to continue to operate within their current websites' status quo.

If you crave some dense reading into the more obscure SEC disclosure and Exchange Act compliance rules, you may visit:

http://www.sec.gov/rules/interp/2008/34-58288.pdf