According to Investment News, the SEC has begun a sweep of investment advisor firms to extract information about their use of social media such as Facebook, Twitter, and LinkedIn.  The request list appears very broad, asking for “all documents sufficient to identify [Adviser]'s involvement with or usage of social media websites”  including all communications made by or received by an adviser on social media sites.  The SEC wants to review all policies and procedures related to the use of social media including the approval process for review of prospective communications.  The SEC also wants to know how a firm monitors personal, non-business uses of social media by adviser personnel.

OUR TAKE: Even if a firm has policies and procedures related to client communications, it should consider specific P/P for social media.  It appears that the SEC also wants firms to review personal use of social media to monitor for securities activities. 

http://www.investmentnews.com/article/20110216/FREE/110219945