Exam Alert: SEC staff provides compliance suggestions for IAs using social media

On January 4, 2012, the SEC staff provided suggestions for investment advisers using social media to help them comply with communication and recordkeeping rules.  Of particular note, the SEC staff stated that the client use of the "like" button could count as a testimonial under the Investment Advisers Act.  Investment adviser advertisements may not include testimonials.  Note that written communications addressed to more than one person are considered advertisements.

Source: National Examination Risk Alert: Investment Adviser Use of Social Media

This alert applies to the Series 65, Series 66, Series 24, Series 55, Series 62, and Series 82.