Well, technically it's not a sea slug, but a nudibranch (preferable term.) At first glance it appears to be from the genus ceratophyillidia, specifically ceratophyillidia papilligera. From the coloration, it's probably toxic, but normally they have no external glands and are not able to expel the toxin. Most nudibranches get their toxicity from the foods they consume ie. tunicates, ascidians. The coloration is mainly used as a warning to fish not to eat them, as a means of protection from predators.
I had a nembrotha chamberlaini nudibranch for 7 monthes and never once did he/she (all nudibranches are hermaphroditic) expel toxin into the water and "poison" my fish.
Did your nudibranch come in with your live rock or did you purchase him specifically?