Social Media, SEC | JD Supra Law News

Business News Digest – May 2013

In this issue: - Does the SEC Like Social Media? Understanding the Application of Regulation FD to Social Media - NIST Holds First Workshop on Executive Order Cybersecurity Framework - Jumpstart Our...more

Investment Management Legal + Regulatory Update -- May 2013

by Luke T. Bagley, Jay G. Baris, Thomas M. Devaney, Kelley A. Howes, Robert E. Putney, III, Isabelle Sajous | Morrison & Foerster LLP on 5/17/2013

In This Issue: Regulatory Updates - SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in...more

SEC Chair Mary Jo White On Social Media

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 5/17/2013

In testimony before the U.S. House of Representatives Committee on Financial Services, SEC Chair Mary Jo White stated that the Netflix Section 21(a) report stands for the proposition that use of social media is acceptable “so...more

IR And Social Media: The Flood Gates Open To Little More Than A Trickle

by Richard S. Levick | LEVICK on 5/16/2013

Back in April, The U.S. Securities and Exchange Commission gave rise to the next major evolution in investor relations when it OK’d the disclosure of material information via Twitter, Facebook, and other social media...more

SEC Issues Guidance on Disclosures Made via Social Media

by David Garcia, Michael Meskill | Jackson Walker on 5/16/2013

The Securities and Exchange Commission (the "SEC") recently issued a Report of Investigation (the "Report") in which it provides helpful guidance to public companies regarding their use of social media to disclose material...more

Is Crowdfunding Dead On Arrival? A Legal Perspective...

by Benjamin Hron, Brian Korn, Christian A. Salaman | JD Supra Law News on 5/15/2013

"[Crowdfunding] lays the riskiest investments at the doorstep of those investors that can least afford the risk. And it won’t create jobs except for plaintiff’s lawyers…”...more

NYSE Issues Guidance on Use of Social Media as a Disclosure Tool

by Jason P. Juall | Holland & Knight LLP on 5/2/2013

On April 2, 2013, the SEC issued a report and press release making it clear that companies are permitted to use social media outlets to disclose information in compliance with Regulation FD. More on the SEC's report and press...more

CFTC To Address Problems Of Dealing With Evolving Technology Sphere

by Felix Shipkevich | Shipkevich PLLC on 5/1/2013

Despite the fact that The Commodity Futures Trading Commission (CFTC) has spent years working on plans to adapt to the technological revolution that is changing the investing sphere, the disconnect between the agency and...more

CFTC Fails To Handle Problems Of Evolving Tech Sphere

by Shipkevich PLLC on 4/30/2013

Despite the fact that The Commodity Futures Trading Commission (CFTC) has spent years working on plans to adapt to the technological revolution that is changing the investing sphere, the disconnect between the regulatory body...more

SEC OKs Social Media for Company Announcements; Investors Must be Alerted

by Loeb & Loeb LLP on 4/29/2013

The Securities and Exchange Commission has issued a report concluding that social media, such as Facebook and Twitter, may constitute legitimate means for a reporting company to make public announcements in compliance with...more

Risk Management in Social Media

by Greentarget on 4/24/2013

Two stories playing out today have our attention for similar reasons. Both examples relate to the influence of social media, namely Twitter, as a function of risk management....more

How the SEC's Social Media Guidance Changes The Way Companies Share Investor Information [Legal Perspective]

by JD Supra Law News on 4/23/2013

"While the guidance is not hard to understand, it will be difficult to apply. And the SEC will be looking for someone to cross the line..." - Stephen M. Quinlivan; Leonard, Street and Deinard...more

8-K’s Announcing Reg FD Social Media Channels Begin; NYSE Weighs In

by Jill Radloff | Leonard, Street and Deinard - Dodd-Frank and... on 4/19/2013

The SEC opened the barn doors on use of social media, or merely reaffirmed existing guidance, depending on your point of view, in a recent Section 21(a) report....more

SEC Greenlights Use of Social Media for Publicly Disclosing Company Information

by Fernando Bohorquez, Jr., Jonathan Nowakowski | BakerHostetler on 4/19/2013

Recognizing the reality that many investors likely get more information from Facebook and Twitter than a corporate 10-K and that most public companies have a robust social media presence, the U.S. Securities and Exchange...more

SEC Issues Guidance on Social Media and Regulation FD

by Linda Griggs, Gail Pierce | Morgan Lewis on 4/18/2013

Public companies are encouraged to rigorously analyze SEC guidance prior to disseminating material information via social media....more

The Trouble With Crowdfunding

by Brian Korn | Pepper Hamilton LLP on 4/18/2013

It’s about one year since President Obama signed the Jumpstart Our Business Startups Act (the JOBS Act), designed to help new companies raise capital and go public. For individual investors the most troublesome provisions of...more

SEC Issues Guidance on the Use of Social Media to Disclose Company Information

by Holland & Knight LLP on 4/18/2013

On April 2, 2013, the SEC provided guidance on the use of social media to disclose company information in a Report of Investigation under Section 21(a). The investigation concerned Netflix's chief executive officer (CEO)...more

Is The Medium The Message? Netflix's Decision To Post Material Information On Social Media Channels

by Catherine M. Foti | Morvillo Abramowitz Grand Iason & Anello P.C.... on 4/17/2013

The news is out! There’s a buzz in the blogosphere. It’s trending on Twitter. The Securities and Exchange Commission has authorized the use of social media channels for the disclosure of material, non-public information. In a...more

Securities Class Actions Increasingly Target The C-Suite

by Kathleen Wailes | LEVICK on 4/16/2013

According to a recently-published PricewaterhouseCoopers report, corporate executives are being named in an alarmingly high percentage of securities class action filings. In 2012, 94 percent of such filings explicitly named...more

SEC Report Opens Door to Use of Social Media

by Amy Batten, Gerald Roach, Margaret Rosenfeld | Smith, Anderson, Blount, Dorsett, Mitchell &... on 4/16/2013

On April 2, 2013, the U.S. Securities and Exchange Commission (the “SEC”) issued a Report of Investigation (the “Social Media Report”) clarifying that a company subject to Regulation Fair Disclosure (“Regulation FD”) may use...more

Be Careful What You Wish For: SEC Permits Company Disclosures Via Social Media If Regulation FD Requirements Are Met

by Meredith Francis | Womble Carlyle Sandridge & Rice, PLLC on 4/16/2013

Last week, the Securities and Exchange Commission issued a report clarifying that companies can use social media channels, such as Facebook and Twitter, to disseminate material nonpublic company information under Regulation...more

Great News! But Don’t Tweet It, Yet

by Greentarget on 4/12/2013

The Securities and Exchange Commission gave the green light last week for companies to share material, nonpublic information with investors over social media – as long as companies disclose beforehand which specific channels...more

Lessons from Netflix on the Use of Social Media for Informal Disclosure

by Bonnie J Roe | Cohen & Gresser LLP on 4/12/2013

On April 2, 2013 the Securities and Exchange Commission (SEC) issued a report (the Netflix Report) announcing that it would not pursue enforcement action against Netflix, Inc. and its Chief Executive Officer, Reed Hastings,...more

Does the SEC Like Social Media? Understanding the Application of Regulation FD to Social Media

by Nancy Grunberg, Treazure Johnson, George Kostolampros, Parker B. Morrill, Eric R. Smith, Thomas Washburne | Venable LLP on 4/12/2013

The SEC seldom releases an investigation report under Rule 21(a) of the Exchange Act, but when it does, the information is usually important for all public companies. Last week, the SEC issued an investigation report to...more

SEC Opens Door for Public Companies to Make Announcements Using Social Media

by Kenneth Florin, James Taylor | Loeb & Loeb LLP on 4/11/2013

The Securities and Exchange Commission (SEC) released a Report of Investigation on April 2, 2013, that addresses whether public companies may use social media to make certain announcements....more

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