We study the disclosure policy of a regulator who oversees a monitor with reputation concerns. The monitor faces a strategic agent, who chooses how much to manipulate in response to the monitor’s reputation. Manipulation increases the arrival rate of a “bad news” signal, but the agent manipulates less for higher reputations. This leads to a unique “Shirk-Work-Shirk” equilibrium in which the monitor only exerts effort for intermediate reputations. Instead of providing transparency, the regulator’s disclosure keeps the monitor’s reputation intermediate. This requires releasing information which damages reputation. The regulator reveals delayed bad news for low reputations, delayed good news for intermediate reputations, but nothing for high reputations. Her policy hence becomes more lenient over time.