25 August 2016
Find out more

Finra carries out social media spot checks

21 June 2013  |  5168 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  |  7733 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  |  6401 views  |  0 comments | 6 tweets | 4 linkedin
SEC moves to clarify social media rules

SEC moves to clarify social media rules

18 March 2013  |  6880 views  |  0 comments | 5 tweets | 4 linkedin
Finra issues more social media guidance

Finra issues more social media guidance

24 August 2011  |  7874 views  |  0 comments
Finra issues social networking guidance

Finra issues social networking guidance

26 January 2010  |  10424 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.abe-eba.euFind out moreVisit capgemini.com

Top topics

Most viewed Most shared
hands typing furiouslyBlockchain: what to expect for 2017?
8276 views 0 | 55 tweets | 46 linkedin
hands typing furiouslyBig Data's Three Big Trends in 2016
7032 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
6555 views 10 | 22 tweets | 8 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6145 views comments | 17 tweets | 19 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job