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ARTICLE · 06 APRIL 2010

FINRA and Social Networking Sites

McGuireWoods LLP
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As the technologies and uses of online social media, such as Facebook and Twitter, by regulated members of the financial services community continue to grow and evolve, the regulations – and the regulators – struggle to keep up.

United StatesMedia, Telecoms, IT, Entertainment
Kenneth Dort
Kenneth Dort
Anitra Cassas
Anitra Cassas

As the technologies and uses of online social media, such as Facebook and Twitter, by regulated members of the financial services community continue to grow and evolve, the regulations – and the regulators – struggle to keep up. Recently, the Financial Industry Regulatory Authority (FINRA) issued a Regulatory Notice (No. 10-06) providing guidance to firms and their personnel regarding the use of these networks. Although the types of media may change daily, FINRA's position and rules do not - firms must find a way to apply existing rules to any and all types of new media and networking activities. The topics covered in this notice include:

Social Media Policies and Procedures: Firms must implement policies and procedures reasonably designed to assure that their personnel who contribute to social media sites for business purposes are properly supervised, have the necessary training and background to engage in such activities, and do not create undue risks to investors.

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