March 2, 2006

SEC to issue formal policy on journalist subpoenas

WASHINGTON (Reuters) - U.S Securities and Exchange
Commission Chairman Christopher Cox said on Thursday that the
commission intends to adopt a formal policy on the use of
subpoenas against journalists based on past practices.

Speaking to reporters days after a flap over the issuance
of subpoenas to three reporters in an SEC investigation, Cox
said he and the SEC's four other commissioners met behind
closed doors to discuss the matter.

He said support for development of a formal policy was
unanimous among the commissioners and that he "expressed my
strong support for the professional staff" of the agency.