The SEC's Division of Corporate Finance has drafted new language for its "Notification of Completion of Exchange Act Filing Reviews."   Beginning today 5/9/11, the letter the Division staff will send to companies upon completion of the review of their Exchange Act filings will contain the following paragraph:

"We have completed our review of your filing[s].  We remind you that our comments or changes to disclosure in response to our comments do not foreclose the Commission from taking any action with respect to the company or the filing[s] and the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.  We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing[s] to be certain that the filing[s] include[s] the information the Securities Exchange Act of 1934 and all applicable rules require."    [SEC Announcement, 5/9/11]