19 October 2017
Register now

Finra carries out social media spot checks

21 June 2013  |  5586 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  |  8408 views  |  0 comments | 8 tweets | 4 linkedin
SEC greenlights use of social media for company news

SEC greenlights use of social media for company news

03 April 2013  |  6800 views  |  0 comments | 6 tweets | 4 linkedin
SEC moves to clarify social media rules

SEC moves to clarify social media rules

18 March 2013  |  7409 views  |  0 comments | 5 tweets | 4 linkedin
Finra issues more social media guidance

Finra issues more social media guidance

24 August 2011  |  8346 views  |  0 comments
Finra issues social networking guidance

Finra issues social networking guidance

26 January 2010  |  10958 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.vasco.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15724 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8894 views comments | 16 tweets | 22 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7984 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7097 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6236 views comments | 6 tweets | 3 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job