The SEC will not aggressively enforce the recently adopted Rule FD, or fair disclosure rule and will only prosecute those cases that are clearly in violation of the rule, said Steve Cutler, a deputy director for the SEC's division of enforcement.

"This is not an issue where we are looking to tack up hides on the shed door," he said, speaking to lawyers attending a seminar recently sponsored by the Practising Law Institute of New York.

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