The idea, from the beginning at the SEC, was that insiders should not be allowed to trade on information that is not properly disclosed to the public.

证交会从成立开始就规定,局内人不得利用未公开披露的信息,进行内幕交易

耶鲁公开课 - 金融市场课程节选

F.D. stands for full disclosure -this is a SEC regulation.

.D.是指公司财务信息的完全披露,这是证交会的一项规定

耶鲁公开课 - 金融市场课程节选