The SEC commissioners voted unanimously to issue a so-called "interpretive release" providing guidance as to what types of corporate information can be considered public and appropriate to be distributed on companies' Web sites.

It replaces the current requirement for companies to use either filings with the SEC or widely distributed news releases to issue the information, with the option of also putting it on their sites.

The change is expected to save companies, especially smaller ones, time and money.

"Over the course of a year, it could be a few thousand dollars to them," said Howard Berkenblit, a corporate attorney with the law firm Sullivan & Worcester in Boston.

The SEC said the new guidelines are meant "to encourage companies to develop their Web sites to serve as more effective information and analytical tools for investors."

They also clarify circumstances in which companies wouldn't be liable for inaccurate or outdated information that was on another Web site which linked to theirs.