White Paper: Using Social Media in the Financial Services Industry – 5 Best Practices

• By: ComplianceOnline
• Date: July 09, 2014

Companies in the financial services domain have been tentative about using social media to promote and market their products and services. Uncertainty about which regulation would apply to this relatively new communication phenomenon and horror stories of license suspension or hefty fines for non compliance have scared off even the most well known firms in finance.However, with the recent release of guidance notices from FINRA and communications from the SEC, the regulatory requirements have become clearer. This white paper discusses five best practices that financial services firms should implement to ensure compliance with the current regulatory requirements, including how to supervise, whether recordkeeping is necessary and what should be done about third party content.

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