This isn't anything new caused by SecondMarket and Facebook wouldn't be the only company that isn't traded on a major public exchange that has to publish inform

This isn't anything new caused by SecondMarket and Facebook wouldn't be the only company that isn't traded on a major public exchange that has to publish information, example SunGard: http://www.sungard.com/aboutsungard/financialinformation.aspx http://www.sungard.com/aboutsungard/financialinformation.asp... Having to file with the SEC doesn't force Facebook to go the route of a traditional IPO, they can continue to sell shares on limited access marketplaces such as SecondMarket -- they will just need to start publishing audited financials.