26 February 2017
visit nextgenbanking.co.uk

Finra carries out social media spot checks

21 June 2013  |  5319 views  |  0 Facebook

The Financial Industry Regulatory Authority (Finra) has begun carrying out spot checks on how brokerage firms use sites like Twitter, Facebook and LinkedIn.

In a letter sent out to various firms this month, Finra asked for details on how social media is used at the corporate level, requesting respondents to be "specific as to the business purpose" of each platform.

The watchdog also asked for the URLs for each account, the date when firms started using sites, and the identity of people posting on the accounts.

In addition to asking what social media sites are being used, Finra is also demanding details on how they are being tapped and what measures are in place to ensure regulatory compliance.

The letter even asks for recipients' top 20 producing representatives, based on commissioned sales, who used social media for business purposes to interact with retail investors between February and May.

"Please identify the type of social media used by each individual for business purposes during this time period. Please include the individual's full name and CRD number as well as the dollar amount of sales made and commissions earned during the period," says the letter.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Finra pushes for Wall Street exemption from social media monitoring rules

Finra pushes for Wall Street exemption from social media monitoring rules

24 April 2013  |  7961 views  |  0 comments | 7 tweets | 4 linkedin
SEC greenlights use of social media for company news

SEC greenlights use of social media for company news

03 April 2013  |  6575 views  |  0 comments | 6 tweets | 4 linkedin
SEC moves to clarify social media rules

SEC moves to clarify social media rules

18 March 2013  |  7092 views  |  0 comments | 5 tweets | 4 linkedin
Finra issues more social media guidance

Finra issues more social media guidance

24 August 2011  |  8043 views  |  0 comments
Finra issues social networking guidance

Finra issues social networking guidance

26 January 2010  |  10597 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit Yelloco.co.ukvisit dh.com

Who is commenting?

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
12759 views comments | 52 tweets | 72 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
8587 views comments | 40 tweets | 34 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
6934 views comments | 7 tweets | 4 linkedin
High rate of defaults hit P2P lending sectorHigh rate of defaults hit P2P lending sect...
6831 views comments | 18 tweets | 13 linkedin
hands typing furiouslyBlockchain Technology
6422 views 1 | 17 tweets | 7 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job