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Legal Briefing
Social media advice for US advisers: proceed with caution, maintain records and adopt robust policies
Practice Area: Regulation and Enforcement
Sector: Business services
Jurisdiction: USA
Published: 13 January 2012
Law Firm: Bingham McCutchen
Overview
On 4th January 2012, the Office of Compliance Inspections and Examinations of the Securities and Exchange Commission issued a National Examination Risk Alert concerning investment advisers' use of social media. As with the previous adoption of email, Internet websites and instant messaging decades ago, OCIE staff is taking a content-driven approach to applying the Investment Advisers Act of 1940 to communications through social media such as Facebook, LinkedIn and Twitter.
In this alert, Bingham McCutchen provide an overview of the new guidance and outline how it is in conflict with recent guidance on social media issued by the Financial Industry Regulatory Authority to broker-dealers.
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