Regulation Fair Disclosure

Regulation Fair Disclosure, also commonly referred to as Regulation FD or Reg FD, is a regulation that was promulgated by the U.S. Securities and Exchange Commission (SEC) in August 2000. The rule mandates that all publicly traded companies must disclose material information to all investors at the same time.

The regulation sought to stamp out selective disclosure, in which some investors (often large institutional investors) received market moving information before others (often smaller, individual investors).

Regulation FD fundamentally changed how companies communicate with investors by bringing more transparency and more frequent and timely communications, perhaps more than any other regulation in the history of the SEC.

On April 2, 2013, the Securities and Exchange Commission said companies can use social media to disseminate information if certain requirements are met. As with company websites, investors’ access to the chosen social media platform must not be restricted and investors must be notified about which social media will be used to disseminate information.