Mutual Funds Overreporting Social Media Posts, SEC Says

Law360, Los Angeles (March 15, 2013, 5:38 PM EDT) -- Mutual funds and other investment companies that have to file certain advertisements for Financial Industry Regulatory Authority review have often been filing materials from their social media sites unnecessarily, the U.S. Securities and Exchange Commission said in guidance on electronic filing requirements released Friday.

The updated guidance on filing requirements for social media communications is the first in a series that will increase transparency and enhance compliance with federal securities laws and regulations by offering the staff's views on emerging legal issues, according to the SEC's...
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