Reuters: Technology News: SEC says funds need not report all social media postings

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SEC says funds need not report all social media postings Mar 15th 2013, 18:51 Tweet Share this Email Print Related News SEC testing customized punishments Tue, Mar 12 2013 Oppenheimer to pay $2.8 million to settle valuation case Mon, Mar 11 2013 Illinois settles SEC fraud charges over pension fund disclosures Mon, Mar 11 2013 High court limits SEC authority to seek penalties Wed, Feb 27 2013 Big hedge funds fueled fourth-quarter dive in Apple shares Thu, Feb 14 2013 Analysis & Opinion Hedge funds stockpiled Citi, axed Apple in Q4 Which banker's services are worth $1 billion? Related Topics Investing and Taxes Simplified » Tech » Regulatory News » Breakingviews » A Facebook page is displayed on a computer screen in Brussels April 21, 2010. Credit: Reuters/Thierry Roge Fri Mar 15, 2013 2:51pm EDT (Reuters) - Mutual funds regulators are suffering from Twitter overload. Many funds companies, which are required to file advertising and promotional materials for regulatory review, have also been sending over all of their posts on Facebook, Twitter and other social media networks. But on Friday, the Securities and Exchange Commission moved to end the deluge, issuing guidelines that almost all social media posts did not need to be filed with Financial Industry Regulatory Authority, which conducts the reviews. Only posts specifically making claims about fund performance or pitching a fund's investment merits should be filed for review, the agency said. For example, a tweet simply announcing that a new fund was launched, marking a portfolio manager change or making other factual statements need not be filed, the SEC said. However, a tweet which said "fund performance rebounded strongly during the third quarter of 2012" or "Looking for dividends? Think global and consider our new Global Equity Fund," were the types of communications that should be filed for review. (Reporting by Aaron Pressman; Editing by Phil Berlowitz) Investing and Taxes Simplified Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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