For readers who prefer video to slides, a video series on the Top 10 Answers on Social Media Marketing will be produced. This is the first in the series – a 2-minute clip which compares social media compliance to that of email and lays out key highlights from FINRA.
Social media compliance [1 min 58s]
Transcript
Is social media compliance following the path of email compliance?
What are some key highlights from Finra social media guidance
Here is a side by side comparision of email and social media over a 10 year timeline
In 1996 Hotmail launched and in 2006 Twitter started
In their early years, compliance concerns were significant
By 2002, Hotmail had exceeded 100 million users and in 2012 Twitter users reached 140 million
Over their later years, usage growth was accompanied by compliance clarifications and rule amendments
By 2006, financial firms using email marketing had exceeded 60% and in 2012, 6 out of 10 financial advisors were using social media regularly for business
Here are key highlights from Finra social media guidance
Interactive content such as Twitter posts and interactive blogs do not need pre-approval. Post-use review methods including sampling or word-based search may be used
Pre-approve static content
Do not link to sites you know contain false or misleading content
Third-party posts are not treated as firm’s communications with public unless firm endorses or approves post
You may respond to business-related questions on a personal site, subject to your firm’s policy
and retain business content records
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