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SEC Issues Guidance on Investment Adviser Use of Social Media

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January 9, 2012
Client Alert

The Office of Compliance Inspections and Examinations of the Securities and Exchange Commission recently issued a National Examination Risk Alert on the use of social media by investment advisers. The Risk Alert provides guidance on the application of the Investment Advisers Act of 1940 and its rules to the use of social media technologies. As described below, the Risk Alert discusses several factors that an investment adviser may want to consider when evaluating its social media compliance program, particularly with regard to third-party consents. The SEC seeks comments and suggestions about how its examination program can better fulfill its mission to promote compliance, prevent fraud, monitor risk, and inform SEC policy.

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