An $α,β$-Kempe swap in a properly colored graph interchanges the colors on some component of the subgraph induced by colors $α$ and $β$. Two $k$-colorings of a graph are $k$-Kempe equivalent if we can form one from the other by a sequence of Kempe swaps (never using more than $k$ colors). Las Vergnas and Meyniel showed that if a graph is $(k-1)$-degenerate, then each pair of its $k$-colorings are $k$-Kempe equivalent. Mohar conjectured the same conclusion for connected $k$-regular graphs. This was proved for $k=3$ by Feghali, Johnson, and Paulusma (with a single exception $K_2\square K_3$, also called the 3-prism) and for $k\ge 4$ by Bonamy, Bousquet, Feghali, and Johnson. In this paper we prove an analogous result for list-coloring. For a list-assignment $L$ and an $L$-coloring $\varphi$, a Kempe swap is called $L$-valid for $\varphi$ if performing the Kempe swap yields another $L$-coloring. Two $L$-colorings are called $L$-equivalent if we can form one from the other by a sequence of $L$-valid Kempe swaps. Let $G$ be a connected $k$-regular graph with $k\ge 3$. We prove that if $L$ is a $k$-assignment, then all $L$-colorings are $L$-equivalent (again with a single exception $K_2 \square K_3$). When $k\ge 4$, the proof is completely self-contained, so implies an alternate proof of the result of Bonamy et al. Our proofs rely on the following key lemma, which may be of independent interest. Let $H$ be a graph such that for every degree-assignment $L_H$ all $L_H$-colorings are $L_H$-equivalent. If $G$ is a connected graph that contains $H$ as an induced subgraph, then for every degree-assignment $L_G$ for $G$ all $L_G$-colorings are $L_G$-equivalent.