SEC Guidance Clarifies Social Media Filings

The Securities and Exchange Commission’s Division of Investment Management March 15 issued guidance to mutual funds and other investment companies clarifying which materials on their social media sites should be submitted to the Financial Industry Regulatory Authority for review.

Mutual funds and other investment companies must file certain advertisements with FINRA for review. According to a March 15 SEC statement, “the SEC staff has learned that out of an abundance of caution, many mutual funds and other investment companies may file materials on their social media sites with FINRA unnecessarily.” In the guidance, the staff gave examples of what should ...