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News April 7, 2014 Issue

Testimonial Rule and Social Media: New IM Guidance Charts a Path for Proper Use

A new guidance update from the SEC staff provides some clarity as to just what violates the testimonial rule – and what doesn’t – when advisers use social media. The key seems to be that when an adviser provides a link to a third-party social media site, that site must provide all comments, not just those that are favorable.

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