Social Media – Monitoring

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Investment advisers must be able to monitor what their supervised persons are saying about the firm in their social media posts and should be able to monitor what others are saying about the advisory firm.

Social Media – Capture

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Advisory firms must be able to capture and archive the posts and tweets of their supervised persons. Firm’s also need to be able to conduct a key word search for problematic terms.

Social Media – Disclaimers

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Social media posts are advertising. Any disclaimer that you would typically place on your advisory firm’s web site should also accompany any social media posts. Since the nature of social media is to allow third-parties to post comments, it is … Continued

Testimonials

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Yesterday, for whatever reason, I was rummaging around a few adviser web sites and came across one that included a testimonial. How did I know it was a testimonial? Was it my compliance expertise? My familiarity with the nuances of … Continued

Marketing Review Checklist

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Advertising and marketing will always be a primary area of concern for regulators. Underscoring this is the SEC most recent Presence Exams Letter which listed “Marketing” as its first substantive subject. That letter stated that the Office of Compliance Inspections … Continued

Alert – Social Media

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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.  …………………. DOCUMENTS TO BE PRODUCED Please produce the following documents within Adviser’s possession or custody … Continued

Social Media & Testimonials

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Whether a third-party statement is a testimonial depends upon all of the facts and circumstances relating to the statement. The term “testimonial” is not defined in Rule 206(4)-1(a)(1), but SEC staff consistently interprets that term to include a statement of … Continued

State Privacy Laws & Social Media

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An increasing number of states are passing privacy laws that conflict with book and record keeping requirements of SEC-registered investment advisers.  If a social media post is considered advertising, an SEC-registered investment adviser is required to keep a record of … Continued

Skin in the Game

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Because I receive a live feed from the SEC, I get between 6 and 12 SEC press releases every day. Most deal with actions brought by the SEC against a variety of individuals and firms and most are, quite frankly, … Continued

The Perils of Social Media

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We all know that there are regulatory issues specific to registered investment advisers’ use of social media. This article from the Wall Street Journal shows that awareness of your employees use of social media should not be limited to regulatory … Continued

Compliance Alert! Social Media

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Dear Compliance Professional, Rarely do we see the SEC Office of Compliance Inspections and Examinations issue a National Examination Risk Alert. So when they do, we pay particular attention. Last week, OCIE issued just such a National Examination Risk Alert … Continued

FINRA Reminds Firms of Their Obligations Regarding the Supervision of Registered Persons Using Senior Designations

FINRA is publishing this Notice to remind firms of their supervisory obligations regarding the use of certifications and designations that imply expertise,certification, training or specialty in advising senior investors (senior designations). This Notice also outlines findings from a survey of firms and … Continued

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