Regulation Fair Disclosure, or RegFD, is a rule passed by the Securities and Exchange Commission (SEC) in an effort to curb selective disclosure by public companies to market professionals and certain shareholders.

The rule states: “Whenever an issuer, or any person acting on its behalf, discloses any material nonpublic information regarding that issuer or its securities to [certain enumerated persons], the issuer shall make public disclosure of that information… simultaneously, in the case of an intentional disclosure; and… promptly, in the case of a non-intentional disclosure.”

The SEC put this rule in place to combat insider trading and make markets fair for public investors.