US Regulation FD: Fair Disclosure Training

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Course Summary

Selective disclosure can hand some investors an unfair edge. This Ethena course explains the SEC’s Regulation FD so your team knows what counts as material non-public information and how to disclose it fairly and lawfully.

Why Reg FD exists and who it covers
Material non-public information explained
Intentional vs inadvertent disclosure
How to disclose publicly and avoid penalties

Included Modules:

Why Reg FD Exists

Explains how the SEC adopted Regulation FD in 2000 to stop selective disclosure and ensure all investors get material information at the same time.

Who and What It Covers

Outlines which issuers and company spokespeople Regulation FD applies to, and which outside parties trigger its fair disclosure obligations.

What Counts as Material Non-Public Information

Explains what makes information material and non-public, and why selectively sharing it with analysts or investors can breach Regulation FD.

Intentional vs. Inadvertent Disclosure

Distinguishes intentional selective disclosure, which needs simultaneous public release, from accidental slips, which require prompt disclosure.

Permitted Disclosures and Safe Harbors

Covers the disclosures Regulation FD excludes, such as those to people owing a duty of confidence or bound by a non-disclosure agreement.

How to Disclose Publicly

Shows the approved methods for sharing material information broadly, including SEC filings, press releases, and adequately noticed earnings calls or webcasts.

Enforcement, Penalties, and Real Cases

Reviews how the SEC enforces Regulation FD through cease-and-desist orders and civil penalties, using real cases to show what selective disclosure costs.

Your Responsibilities Day to Day

Gives practical guidance for handling investor contact, routing inquiries to authorized spokespeople, and avoiding accidental leaks of material non-public information.

Why is this training important for workplaces?

Regulation FD requires public companies to share material, nonpublic information with everyone at once, not slip it to favored analysts or investors first. When someone discloses an earnings hint or a big deal selectively, the company can face SEC enforcement, fines, and a serious hit to investor trust. This training helps employees who deal with the public markets recognize what counts as material information and follow the rules for releasing it, so the playing field stays fair and the company stays on the right side of the law.

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