Reg FD notes that when a listed company or a share issuer transmits important non-public information about that issuer or its securities to a select group of individuals, the issuer must also publish that information. This information must be provided simultaneously when it is a deliberate disclosure of information. Inadvertent disclosure of this information should be monitored immediately at the time of publication. Regulation FD (Fair Disclosure) is normally referred to as Regulation FD or Reg FD and was adopted in August 2000 by the U.S. Securities and Exchange Commission (SEC).  The regulation is codified at 17 CFR 243. Although “FD” is synonymous with “fair disclosure,” as can be seen in the acceptance authorization, the regulation has been and is simply codified in the federal regulation code in the form of an FD regulation.  Subject to certain limited exceptions, the rules of state-owned enterprises generally prohibit the disclosure of essential information previously non-public to certain parties, unless the information is first or at the same time communicated to the public. Regulation Fair Disclosure (Reg FD) is a rule adopted by the Securities and Exchange Commission to prevent selective disclosure by state-owned enterprises to market professionals and certain shareholders. In December 1999, the SEC proposed The FD Regulation. Thousands of individual investors have written to the SEC expressing support for the settlement. But there was no unanimity on support. Large institutional investors, accustomed to receiving selectively disclosed material information, fought vigorously against the proposed regulation.
They argued that fair disclosure would result in less disclosure. In October 2000, the SEC announced The FD Regulation. A small investor, Mark Coker, created a company called Bestcalls.com, a directory of conference calls open to all investors to convince state-owned enterprises to open all their calls ( and ). Coker pleaded in the press for investors to be informed of the benefits of the conference call as a basic research instrument and worked constructively with the SEC to provide information on the selective dissemination of information at results conferences. At the same time, companies such as Onstream Media, Broadcast.com, Vcall.com, Shareholder.com and Thomson Financial (now Thomson Reuters) offered web networking technologies and services that made them more convenient and affordable for businesses, so that all investors could listen. Reg FD was created in response to cases where equity issuers cautioned against results and other non-public information for selected institutional investors and analysts. This has created circumstances that have allowed those with the information to make a profit or avoid losses at the expense of the rest of the investing community.