April 11, 2013

Social Media: Parsing the Hypos – & Netflix Files 8-K Announcing Channels

Given all the excitement over the SEC’s Section 21(a) report regarding Netflix and social media, I have calendared this May 8th webcast – “Social Media: Parsing the Hypos” – during which two legal pros (Dave Lynn & Davis Polk’s Joe Hall) and two IR pros (Q4’s Darrell Heaps & IR Web Report’s Dominic Jones) will parse a group of hypotheticals to determine what is feasible – and what is not – under the SEC’s Regulation FD framework. The panel will also cover what are effective IR strategies to leverage social media and more. I have already drummed up a set of hypos for the panel to consider – but I would like to crowdsource and get your ideas. Shoot me an email with your own hypos.

Meanwhile, Netflix became the first company yesterday to file a Form 8-K listing the five social media channels by which it may disseminate company information – a theme of the SEC’s recent Section 21(a) report. In addition, the company posted this note on their IR web page listing the channels. Whether the company really intends to use all five channels for corporate announcements (or is just covering its “behind” in case newsworthy info is accidentally revealed on them) – and whether that is a good idea – are topics for our upcoming webcast. Hat tip to Dominic for noticing this development!

I continue to post oodles of memos on the SEC’s new report in our “Social Media” Practice Area. And don’t forget my extensive checklist on how to make the business case for investor & analyst engagement via social media. There are 16 factors in my checklist to consider for starters and much more.

And if you are finally ready to give Twitter a try, I have written this “How to” Handbook that is easy-to-understand, providing each step about how to sign up for Twitter, the basics of Twitter etiquette and more. It was written with the person scared to try Twitter in mind…

Poll: Are Companies Adopting Board Approval Policies for the End-User Exception of the Derivative Rules?

Cravath’s John White noted in this blog excerpt: “Companies that anticipate relying on the end-user exception should develop and implement board approval policies so that they are in place before the need to rely on the exception arises. Similarly, companies may also wish to consider making the annual filing described below in advance of the need to rely on the exception to expedite the documentation of their first swap transaction under the end-user exception.” I have posted this “Quick Survey on End-User Exception for Swaps to see if companies are indeed taking these actions – with the looming deadline recently delayed (this WSJ article notes that few companies have acted – ISDA estimates that about 80% of companies that have traded swaps in the past haven’t completed the new registration process).

More on “The Mentor Blog”

I continue to post new items daily on our blog – “The Mentor Blog” – for members. Members can sign up to get that blog pushed out to them via email whenever there is a new entry by simply inputting their email address on the left side of that blog. Here are some of the latest entries:

– A Record Year for Corporate Criminal Fines
– Study: Excessive Optimism in Earnings Releases Can Backfire
– NY State Comptroller Sues Over Political Spending Disclosure
– US-China Audit Spat May Spill Over
– The 2012 US Technology/Silicon Valley Board Index

– Broc Romanek