After halting subpoenas issued to two Dow Jones & Co. columnists on Feb. 7, the Securities and Exchange Commission announced that its staff is preparing guidelines for demanding information from journalists.

SEC Chairman Christopher Cox said that neither he, nor any of the SEC's commissioners, had been consulted before the agency's enforcement division subpoenaed the two Internet writers. The agency, which is investigating a California stock-research firm , later demanded materials from and financial commentator Jim Cramer.

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