Finra unveils guidelines for social media and blog

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Jan 26, 2010 10:35 am

Finra unveils guidelines for social media and blogging



 
Basically, FINRA is putting the kabosh on the use of social media by individual FA's.  It requires the firm to establish policies for monitoring and approval of content, and no B/D is going to take responsibility for monitoring individual FA's social networking posts.
 
Now, I can see soem B/D's getting involved with social networking at the corporate level, and designing their own content for sites, but I doubt use will become widespread by individuals.
 
http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20100125/FREE/100129938

Jan 26, 2010 4:19 pm

I haven't read this yet...because I'm not under the boot of FINRA (for the most part).  Does this cover personal sites, like Facebook?

 
This was a hot topic at the recent Compliance-polooza I attended.
Jan 26, 2010 7:08 pm

No big deal.  You can't use Facebook etc for business use.   You want to post your family pics or chat with your friends - fine.  If you want to prospect, give finanicial advice, or recommend stocks on your myspace page you will have a problem.

 
 
Jan 26, 2010 9:28 pm

Can you post the company you work for such as in your "profile"?  Can you link back to your corporate website?

Jan 26, 2010 9:35 pm

how much are you ria folks using social media?

Jan 27, 2010 9:33 am

Personally, I'm using it alot - but mainly to network and pick the brains of other RIA Compliance people.

Jan 27, 2010 7:08 pm
ytrewq:

Can you post the company you work for such as in your "profile"?  Can you link back to your corporate website?



The answer to that is most likely to be NO.  Depending on what company you work for, if not independent, that may already be against the policy.
Jan 27, 2010 8:44 pm
Wet_Blanket:

Personally, I'm using it alot - but mainly to network and pick the brains of other RIA Compliance people.





I don't use Facebook, even personally.  Do they have "groups" that you can join like LinkedIn?  Is it a business account or personal account?