At a time when the transition to a primarily Internet-based system of disclosure is well underway in the securities industry, this report examines how the Internet can be used to improve the effectiveness of financial disclosure. Toward that end, the report identifies potential benefits and pitfalls of Internet disclosure; the pre-conditions necessary for effective Internet disclosure; the most significant barriers to effective disclosure, regardless of delivery method; and how Internet disclosure may be able to help reduce those barriers. Our analysis of these questions is informed by an extensive literature review, examination of industry websites, interviews with experts, and surveys of investors and financial professionals. The following is a brief summary of our findings, which are described in greater detail in the body of the report.