SEC provides guidance on how to comply with Regulation FD in using social media

On April 2, the SEC issued a report of investigation under Section 21(a) of the Exchange Act in which it confirmed that public companies may use social media outlets such as Facebook and Twitter to disseminate material, nonpublic information in compliance with Regulation FD (Fair Disclosure). Under the guidance furnished in the SEC's report, companies must provide advance public notice of the social media outlets they will use for this purpose and take other actions to establish that the outlets are a "recognized channel of distribution" for the broad and non-exclusionary communication of such information.

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