(The news featured below is a selection from the news covered in the Federal Securities Report Letter, which is distributed to subscribers of the Federal Securities Law Reports.)

Commission Adopts Pro Forma Restrictions

The SEC adopted new Regulation G to implement provisions of the Sarbanes-Oxley Act concerning the use of pro forma financial disclosures. These statutory provisions state that any such pro forma disclosures must: 1) not contain an untrue statement of a material fact or omit to state a material fact, and 2) reconcile the pro forma information with the financial condition and results of operations of the registrant under Generally Accepted Accounting Principles.

New Regulation G will require public companies that disclose financial information other than in accordance with GAAP to include a presentation of the most comparable GAAP financial measure and a reconciliation of the disclosed non-GAAP financial measure to the most comparable GAAP financial measure. The changes are effective March 28, 2003.

Regulation G will apply to disclosures as of March 28, 2003, and the requirement to furnish earnings releases and similar materials on Form 8-K will apply to earnings releases and similar announcements made after March 28, 2003. The amendments to Item 10 of Regulation S-K, Item 10 of Regulation S-B and Form 20-F will apply to any annual or quarterly report filed with respect to a fiscal period ending after March 28, 2003.

¨ Release No. 33-8176 is reported at ¶86,816 .