Over the last several months, the Securities and Exchange Commission (SEC) has provided the public with two new interpretive guides regarding the use of social media by public companies, investment companies and their officers or affiliates who participate in the communication of investment-related information.

Most recently, the SEC released a Section 21(a) Report of Investigation (the “Report”) which focused on whether it was legally acceptable for the Chief Executive Officer of Netflix to use his personal Facebook page to release information that may have been material to investors.