News & Analysis as of

SEC Division of Investment Management Provides Guidance on the Testimonial Rule and Social Media

The Division of Investment Management (the Division) of the Securities and Exchange Commission recently issued guidance (the Guidance) to investment advisers regarding the applicability to social media of Rule 206(4)-1(a)(1)...more

SEC Offers Guidance On Use of Social Media Commentary by Investment Advisers

On March 28, 2014, the Securities and Exchange Commission (“SEC”), Division of Investment Management, issued guidance that clarifies when it is permissible for an investment adviser or an investment adviser representative...more

SEC Staff Provides Guidance for Advisers Using Social Media on Compliance with General Prohibition on Testimonials

The staff of the SEC’s Division of Investment Management (the “Staff”) issued IM Guidance Update No. 2014-4 discussing how a registered adviser or its investment advisory representatives (“IARs”) may use public commentary...more

Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

Business News Digest – October 2013

In this issue: - NIST Holds Fourth Workshop on Cybersecurity Framework - NIST Releases Draft Preliminary Cybersecurity Framework in Advance of Dallas Workshop - SEC Issues Risk Alert on Short...more

Private Offerings: Questions that Might Frequently be Asked Sometime Soon (Part II)

Shortly after the Securities and Exchange Commission (SEC) adopted the final rule relaxing the prohibition against general solicitation in connection with offerings made pursuant to new Rule 506(c) and Rule 144A, we provided...more

The Guide to Social Media and the Securities Laws

REGULATION FD - Beginning in 1999 and continuing into 2000, media reports about selective disclosure of material nonpublic information by issuers raised concerns that select market professionals who were privy to this...more

The Guide to Social Media and the Securities Laws

REGULATION FD - Beginning in 1999 and continuing into 2000, media reports about selective disclosure of material nonpublic information by issuers raised concerns that select market professionals who were privy to this...more

Wall Street Brokers: Why FINRA Says It Needs Access To Your Facebook Account

Wall Street brokers were recently surprised to learn that regulators at the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) are vying to gain access to their personal and...more

George Clooney & Sony: The Big Guns Work In Peacetime Too

It’s not every day that a Hollywood celebrity wades into a fight between a major corporation and an activist hedge fund mogul. ...more

Around the Virtual World: July 22-26, 2013

A weekly wrap up of interesting news about virtual worlds, virtual goods and other social media. In This Issue: - Surprise: Facebook Is The Tech Company That Reports The Blowout Quarter - SEC Says Texas...more

Securities Act Rule 506(c) - A Few Things to Think About if You Decide to Engage in General Solicitation

A few things to think about if you decide to engage in General Solicitation: 1. Develop a plan as to type and content of the communications. You need to be in control so that all communications are appropriate and...more

SEC Approves Final Rules that (1) Permit General Solicitation and General Advertising in Rule 506 and Rule 144A Offerings and (2)...

The SEC has amended Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933 (Securities Act) to (1) permit, in certain circumstances, an issuer to engage in general solicitation and general advertising in...more

Investment Management Legal + Regulatory Update -- July 2013

In This Issue: Regulatory Updates - SEC Proposes Money Market Reform; SEC Eases Ban on General Solicitation and General Advertising in Certain Private Placements; SEC and CFTC Adopt Joint Rules to Address...more

Private Funds on Social Media—Proceed with Caution

When the Securities and Exchange Commission lifted the ban on general solicitation and general advertising for private offerings of securities, can marketing blitzes on Twitter and other social media sites be far behind?...more

Levick Monthly - June 2013: The New Balance; The Impact Of The SEC’s Social Media Pronouncement + How To Protect Your Brand From...

In This Issue: - COVER STORY ..The Impact of The SEC’s Social Media - CORPORATE & REPUTATION ..Everything You Know About Charity Is Wrong - CRISIS ..How Kraft Can Neutralize a Crusading Food...more

SEC Gives Guidance on Use of Social Media under Regulation FD

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...more

Stop Insider Tweeting! -- Feds eye social media for securities shenanigans

As financial institutions and investors turn to social media to instantly share snippets of news and potential clues about market trends, the FBI and SEC are monitoring such postings for evidence of insider trading and...more

Small Business Securities Bulletin: Regulation FD and Social Media

As we discussed in our February Bulletin, late last year Netflix and its CEO, Reed Hastings, each received a notice from the SEC Staff indicating that the Staff intended to recommend to the SEC that it institute proceedings...more

A Compilation of Enforcement and Non-Enforcement Actions - May 31, 2013

Board Oversight of Distribution and Financial Intermediaries - One of the SEC’s stated focuses is on payments for “distribution in guise.” Mutual funds are only permitted to pay for distribution of their shares if...more

Mofo Tech -- Spring/Summer 2013

In This Issue: - Here Come the Feds -- What President Obama’s second term means for the tech industry - Log In: ...Feds cast an eye on social media - Focus: ...3-D’s IP dimension -...more

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

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

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

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

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