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Brokers Get Strict Social Networking Rules
eldavojohn writes "If you're a broker or work for a brokerage firm then you better think twice before posting content to Facebook and Twitter. It seems the static parts of the pages like your profile must be approved and fall under the watch of FINRA. But a post to Facebook or a tweet might constitute a 'public appearance' representing your firm. Which means that 'firms must supervise these interactive electronic communications under NASD Rule 3010 in a manner reasonably designed to ensure that they do not violate the content requirements of FINRA's communications rules.' It's days like these I'm glad I don't work on Wall Street or have jury duty."
Working as an IT Director for a broker/dealer firm a couple years ago, this was policy.
ALL telephone calls into and out of the office were recorded and archived for 10 years. All e-mail was archived for 7. IM was forbidden. ANY web presence, from web site to Facebook must be approved in advance from the compliance department (lawyers). There are web hosting companies that specialize in this, with SEC/FINRA pre-approved content and approval accounts for compliance.
We had finally moved to the state that any new independent financial adviser that joined MUST use a web site with our approved hosting service and may NOT use their own.
Violation were punishable by company imposed fines and the possibility of losing your license, and they were STRICT.
Learning HOW to think is more important than learning WHAT to think.