Compliance Solutions for Investment Advisers

Alert – Social Media

A copy of the SEC Social Media Document Request Letter is reprinted below. Perhaps it is time to revisit your social media policies and procedures. 

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DOCUMENTS TO BE PRODUCED

Please produce the following documents within Adviser’s possession or custody or subject to Adviser’s control for the period January 1, 2010 to the present:

1. All documents sufficient to identify Adviser’s involvement with or usage of social media websites, including, without limitation:

a. Facebook;

b. Twitter, including, without limitation, AdvisorTweets.com;

c. LinkedIn;

d. LinkedFa;

e. YouTube;

f.  Flickr;

g. MySpace;

h. Digg;

i.  Redd

t;  RSS; and

j.  Blogs and micro-blogs;

2. All documents concerning any communications made by or received by Adviser on any social media website, including, without limitation, snapshots of documents responsive to Item 1, above;

3. All documents concerning Adviser’s policies and procedures related to the use of social media web sites by Adviser, including, without limitation:

a. All policies and procedures concerning any communication posted on any social media website by Adviser;

b. All policies and procedures concerning any prospective communications to be posted on any social media website by Adviser; and

c. All policies and procedures concerning any ongoing monitoring or review process related to communications posted on any social media website by Adviser;

4. All documents concerning Adviser’s policies and procedures concerning a third party’s use of any social media website maintained by Adviser, including, without limitation:

a. All policies and procedures concerning any communication posted by a third party, including, without limitation, actual or prospective clients of Adviser, on any social media website maintained by Adviser;

b. All policies and procedures concerning any approval processes for prospective communications to be posted by a third party, including, without limitation, actual or prospective clients of Adviser, on any social media website maintained by Adviser; and

c. All policies and procedures concerning any ongoing monitoring or review processes related to communications posted by a third party, including, without limitation, actual or prospective clients of Adviser, on any social media website maintained by Adviser;

5. All documents concerning Adviser’s policies and procedures related to the use of social media websites by Adviser’s personnel for personal, non-business related matters;

6. All documents concerning Adviser’s personnel training and education related to the use of social media websites by Adviser, whether for personal, non-business related, or business related matters;

7. All documents concerning any informal or formal disciplinary action of Adviser’s personnel related to the use of social media for personal, non-business related, or business-related reasons; and

8. All documents concerning Adviser’s record retention policies and procedures concerning the involvement with or usage of, whether for personal, non-business related, or business-related matters, any social media website maintained by Adviser by:

a. Adviser;

b. Adviser’s personnel; or

c. any third party.

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