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Disclosure and Social Media

Disclosure and Social Media. Trevor A. Crow Dufford & Brown, P.C. 1700 Broadway, Suite 2100 Denver, CO 80290 (303) 861-8013. Goals. Understand the purpose and requirements of Reg. FD Understand why Reg. FD is an important consideration when using social media

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Disclosure and Social Media

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  1. Disclosure and Social Media Trevor A. Crow Dufford & Brown, P.C. 1700 Broadway, Suite 2100 Denver, CO 80290 (303) 861-8013

  2. Goals • Understand the purpose and requirements of Reg. FD • Understand why Reg. FD is an important consideration when using social media • Provide some tips for best practices for complying with Reg. FD when using social media

  3. We live in a High-Tech World

  4. Social Media Increasing amounts of communications by and relating to companies are taking place through social media.

  5. What is Social Media? Broad Definition: Social media is electronic communication through which users share information, ideas and other content. This includes well-known platforms such as Facebook, Twitter and LinkedIn, but also various blogs, discussion forums and company websites.

  6. Special Challenges of Social Media • The speed with which social media can disseminate a message; • The tendency to treat social media as informal communication • Difficulty in maintaining a specific audience for a particular message

  7. What is Regulation FD? Regulation FD was adopted by the SEC in 2000 and it prohibits “selective disclosure” by requiring public companies to disclose material information through broadly accessible channels. This used to be mean EDGAR filings, press releases and quarterly earnings calls. However, now social media has changed the environment.

  8. Netflix Investigation The SEC clarified its position on the use of social media in an April 2, 2013 report of investigation.

  9. Netflix Investigation

  10. Examples of Social Media Usage - Blogs

  11. Examples of Social Media Usage - Twitter

  12. Ebay Twitter Example

  13. Ebay Twitter Example – With Warnings

  14. Best Practices • Determine the channels the company will use • Determine the information you want to disclose through these channels • Notify the public of the use of these channels to disseminate certain information • Make access easy

  15. Best Practices (continued) • Create systems for controlling communications posted • Be consistent • Continue to use traditional channels

  16. Questions? If you have questions about this topic, please do not hesitate to contact me. Trevor A. Crow Direct: (303) 837-6358 tcrow@duffordbrown.com

  17. About Dufford & Brown, P.C. • Dufford & Brown is a full-service commercial law firm founded in 1960. • Dufford & Brown’s attorneys represent businesses and individuals on corporate formation, securities, real estate, labor and employment, contract review, corporate and general litigation, natural resources, family law, wills and estates, and other legal matters. • For more information about these and other services, please contact our office at: • Dufford & Brown, P.C. • 1700 Broadway, Suite 2100 • Denver, CO 80290-2101 • (303) 861-8013 • www.duffordbrown.com • Thank You!

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