Regulation Fair Disclosure, or Reg FD for short, was enacted in 2000 to address selective disclosure by companies to the various members of the investment community. Reg FD requires that any material, non-public disclosures be made in a public, fully accessible forum.

For more information, please visit the selective disclosure spotlight on the SEC's website. 

SEC, Division of Corporation Finance, Compliance and Disclosure Interpretations: Regulation FD (updated June 2010). 

Please also see NIRI's Standards of Practice for Investor Relations: Disclosure, which provides guidance on Reg FD and includes summaries of court decisions and SEC enforcement actions. 

In 2013, the SEC released guidance on the use of social media for communicating information to investors. 

In 2008, the SEC issued guidance on Reg FD and the use of corporate websites.

In 2004, NIRI and CFA Institute released Best Practice Guidelines Governing Analyst and Corporate Issuer Relations.


Additional Resources on Regulation FD

SEC Press Release, "SEC Charges AT&T and Three Executives with Selectively Providing Information to Wall Street Analysts," March 5, 2021. (Link to civil complaint

AT&T Press Release: "AT&T Disputes SEC Allegations," March 5, 2021

Douglas Chia, Soundboard Governance, "When Disclosure Is The Better Part of Valor: Lessons From The AT&T Regulation FD Enforcement Action," April 18, 2021.

John F. Savarese and Wayne M. Carlin, Wachtell Lipton Rosen & Katz, "SEC Brings Regulation FD Enforcement Action," March 10, 2021

Cooley LP, PubCo blog, "SEC charges AT&T and executives with Reg FD violations," March 9, 2021

Report to the Special Committee of the Board of Directors of the Eastman Kodak Company, September 15, 2020 (includes recommendations on Regulation FD compliance)

SEC, Division of Corporation Finance, CF Disclosure Guidance: Topic No. 9, Coronavirus (COVID-19), March 25, 2020 (addresses Reg FD and other issues)

Ashiq Ali et al, "Implicit Communications and Enforcement of Corporate Disclosure Regulation," Harvard Law School Forum on Corporate Governance and Financial Regulation, September 2019

SEC Press Release, "SEC Charges TherapeuticsMD With Regulation FD Violations," August 2019.

M. Al Guindy, et al., "The Chilling Effect of Regulation FD: Evidence from Twitter," May 2019.

Morrison & Foerster, "Frequently Asked Questions About Regulation FD" (2017).  

Finra, "Social Media and Digital Communications: Guidance on Social Networking Websites and Business Communications" (2017).

Cooley LLP, "Regulation FD: Fair Disclosure" (2016).