Is Reg FD Unconstitutional? — SEC Roundup

Welcome to SEC Roundup, a bimonthly video series by Paul Hastings partners and former Securities and Exchange Commission senior trial counsels Nick Morgan and Tom Zaccaro exploring current SEC topics with thought leaders and industry experts.

In this episode, Morgan and Zaccaro talk with Florida International University College of Law Professor and Dean Antony Page about Regulation Fair Disclosure enforcement actions and a recent case in New York federal court that is heading for trial after a recent court ruling.

The SEC rarely brings Reg FD enforcement actions, and the SEC almost never goes to trial in a case alleging Reg FD violations.

Page discusses an aspect of the case drawing widespread interest: Does Reg FD violate the First Amendment? “This is an unusual regulation,” Page says, “because it either prevents or burdens or compels speech.”