Two years of anticipation over Regulation Fair Disclosure ended this week with more whimper than bang. In its first-ever enforcement proceeding under the disclosure regulation, the Securities and Exchange Commission fined Siebel Systems undefined $250,000 (and entered cease and desist orders against two other companies). Siebel Systems CEO Tom Siebel's habit of changing his tune about business conditions got the firm in trouble when his extemporaneous riff at an investment conference last year was deemed a violation of Reg FD. That penalty has led some to wonder whether executives might become more tight-lipped at investor conferences, such as the one at which Siebel made his comments, and whether investors and even companies may cut back on attendance at such conferences. Overall, however, with Regulation FD already in place for two years, many believe the only fallout may end up being an increased move to Webcast such events to avoid violating the disclosure rule.