The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) on January 4, 2012 released a National Examination Risk Alert (“Alert”) concerning the use of social media by registered investment advisers. The SEC also recently conducted a sweep in which OCIE staff sent a letter to numerous investment advisers requesting information as to the investment advisers’ relevant policies and procedures concerning, and use of, social media (includ-ing, among others, Facebook, Twitter and blogs). Although SEC officials have publicly mentioned investment adviser use of social media as an area of potential concern and attention, the agency has not yet issued any formal guidance on the subject. While the Alert does not provide a safe harbor or other definitive guidance regarding the use of social media and compliance with federal securities laws, it does provide helpful observations based on the OCIE staff’s recent review of investment adviser use of social media.
Please see full publication below for more information.