Sean Byrne

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The SEC’s Division of Investment Management recently released a guidance update on the “testimonial rule” and the use of social media by investment advisers. Found in rule 206(4)-1(a)(1) under the Advisers Act, the testimonial rule prohibits investment advisers that are registered or required to be registered with the SEC from publishing any advertisement that refers to “any testimonial of any kind concerning the investment adviser” or concerning any service rendered by the investment adviser. As…