Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, June 18, 2013

FINRA Targets Firms' Use of Social Media Communications

FINRA has posted on its website a generic "Targeted Examination Letter" relating to Spot-Check of Social Media Communications, requesting that the firm provide information about its use of social media, including: 

An explanation of how the firm is currently using social media (e.g., Facebook, Twitter, LinkedIn, blogs) at the corporate level in the conduct of its business.  
An explanation of how the firm's registered representatives and associated persons generally use social media in the conduct of the firm's business.
An explanation of the measures that your firm has adopted to monitor compliance with the firm's social media policies (e.g., training meetings, annual certification, technology).
A tabular list of your firm's top 20 producing registered representatives (based on commissioned sales) who used social media for business purposes to interact with retail investors and the type of social media used by each individual for business purposes during this time period.

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