Regulation FD
Also known as: Reg FD, Fair Disclosure
Regulation Fair Disclosure (Reg FD) is an SEC rule requiring public companies to disclose material information to all investors at the same time, not selectively.
Regulation Fair Disclosure, known as Reg FD, is an SEC rule that prohibits public companies from sharing material non-public information selectively with analysts or favored investors. Material information must be released to everyone at once.
Why it exists
Before Reg FD, companies sometimes guided select analysts privately, giving some investors an unfair edge. The rule leveled the field by requiring broad, simultaneous disclosure, typically through a press release or a publicly accessible earnings call.
What it means for IR
Investor relations teams must be careful in one-on-one meetings and conferences not to disclose anything material that has not already been made public. This shapes how guidance is given and why companies observe a quiet period before earnings.