Regulation Fair Disclosure
Regulation Fair Disclosure, aka Reg FD, was approved by the SEC in 2000, making companies share information that might affect their stock with everybody at the same time. This set individual investors on a more level playing field with institutional investors and Wall Street analysts, who previously might have gotten an earlier heads-up about the information and been able to trade on it.
Former SEC Chairman Arthur Levitt credited The Motley Fool's readers and their thousands of comments to the SEC with making the difference in getting (Reg FD) passed by the Securities and Exchange Commission. This link will take you to the SEC page on the Selective Disclosure and Insider Trading regulation.
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