초록 close

The Securities Exchange Act prohibits trading the securities on the basis of material nonpublic information. Selective disclosure is that a corporation or its employee selectively disclosure material information to analysts and institutional investors before making the same disclosures to individual investors and the general public. This practice diminishes investor confidence in the capital markets. Regulation Fair Disclosure is intended to prohibit the selective disclosure. It requires a listed corporation to disseminate all material nonpublic information publicly. Selective disclosure is similar to a tipping and insider trading. Tipping is the selective disclosure of material nonpublic information for trading or other personal purposes. This article aims to survey the background for adopting, major contents and impact of Regulation Fair Discolsure. First of all, I will discuss the SEC's motivation for adopting the Regulation in USA. Then I will analyzes the major contents and issues of our Regulation in comparison to USA and assesses the impact of the Regulation on markets and analyst. Finally I concludes the Regulation has some positive effects, but is necessary to be reshaped or reinterpreted.