SEC Division of Investment Management Issues Guidance on Filing Requirements for Social Media

April 01, 2013

The U.S. SEC’s Division of Investment Management recently released a Guidance Update concerning the application of SEC filing requirements for certain fund-related communications on “real-time” interactive electronic forums, such as Facebook and Twitter. The SEC Staff offered its views as to whether these communications should be filed with the SEC if they are not required to be filed with FINRA. Although the Update sets forth a rather subjective test to determine which interactive communications need to be filed with the SEC, it does provide further guidance in the form of specific examples.

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