The World Wide Web consists of a vast network of Web 'sites'. i.e., graphical presentations of information that is controlled by the site-holder; sites can contain pictures, text and sound in ......... or moving form.

The World Wide Web creates a(n) ......... new environment for both investors and companies issuing securities.

Web sites, bulletin boards, e-mail and push technology can all be used in advertising, offering and selling securities, and for ......... investment advice.

In the mid-1990's, the marketing of securities on the Internet began to ..........

A number of small discount brokers started online secondary trading in 1995 and the number gradually ..........

Developments in cyberfinance have virtually ......... since these early entries.

Investment bankers can post their underwritings of stock issues on the World Wide Web to ......... them to vast numbers of prospective investors at very low cost.

Issuers can ......... traditional underwriters and make direct public offerings ('DPOs') of securities using the Web bulletin boards and push technology.

Since 1995, the SEC has sought by rule and interpretive release to ......... the Securities Acts of 1933 and 1934 and the regulatory framework built up around them with the new Internet world.

Electronic disclosure of information must provide adequate and timely notice to investors, ......... effective access to the information, and give reasonable assurance that the information in fact has been delivered.