The SEC’s Division of Investment Management released the first in its “IM Guidance Update” series, to provide guidance on the obligations of mutual funds to file materials posted on their social media sites with FINRA. The IM Guidance Update indicates that SEC staff believes that many mutual funds are filing material on their social media sites with FINRA unnecessarily. In order to address this problem, the staff provides a series of examples of the types of interactive communications that it believes do not need to be filed and those for which filing is required. As examples of communications that should be filed, the staff included the following: “a discussion of fund performance that provides specific mention of some or all of the elements of a fund’s return (e.g., 1, 5 and 10 year performance) or promotes a fund’s returns;” and, “a communication initiated by the issuer that discusses the investment merits of the fund.” A copy of the guidance can be found here.