Regulation Fair Disclosure (Reg FD) is the SEC rule, adopted in 2000, that prohibits public companies from selectively sharing material non-public information with analysts or investors before disclosing it to everyone. It forces simultaneous, broad disclosure — via press release, 8-K, or webcast — and is the guardrail every investor-relations and communications program operates within. A Reg FD violation is a serious enforcement and reputational risk, which is why IR controls who speaks to the Street and how.