For anyone in Finance who is interested in using social media to facilitate further engagement with your customers...
I was asked recently by an old colleague of mine, to take a look at a copy of guidelines for the financial industry as outlined by FINRA (Financial Industry Regulatory Authority). At first I thought, I was going to have to break out the law books, but FINRA's Regulatory Notice 10-06: Social Media Web Sites Guidance on Blogs and Social Networking Web Sites, is actually very layman-friendly and not as ominous as I presumed.
The areas that concerned me the most were the rules regarding:
- Q1: Are firms required to retain records of communications related to the broker dealer’s business that are made through social media sites?
- Q3: What factors should firms consider when developing procedures for supervising interactive electronic communications on a social media site that recommend specific investment products?
- Q4: Does a blog constitute an “interactive electronic forum” for purposes of Rule 2210?
- Q8: If a customer or other third party posts content on a social media site established by the firm or its personnel, does FINRA consider the third-party content to be under Rule 2210?