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ARTICLE · 23 JULY 2014

SEC Issues Guidelines On Using Social Media In Registered Securities Offerings

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The SEC released guidance to facilitate the use of social media for certain communications in registered securities offerings.

United StatesCorporate/Commercial Law
A&O Shearman
A&O Shearman
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On 21 April 2014, the Staff of the Division of Corporation Finance of the SEC (the "Staff") released guidance to facilitate the use of social media for certain communications in registered securities offerings.

Recognising the interest in using technologies such as social media to communicate with security holders and potential investors, this guidance permits offering participants to use Twitter or other similar social media with character limitations to issue Rule 134 offering announcements and Rule 433 free writing prospectuses with respect to registered securities offerings.

Under the new SEC Staff guidance, offering participants are permitted to electronically communicate Rule 134 announcements and Rule 433 free writing prospectuses if:

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