FINRA issues social-media compliance spot checks

FINRA Social MediaThe Financial Industry Regulatory Authority Inc. will be performing social-media compliance spot checks on some of its member companies.

In a recent announcement, FINRA said that it would be requiring broker-dealers to identify sites used by its member firms. The regulator will also be tracking all the individuals responsible for updating their respective companies’ social media profiles.

And that’s not all. FINRA will also ask each of its member firms to submit a list of their top registered agents who use social media to interact with investors. Furthermore, each company is being asked how they monitor compliance with regard to the regulator’s social media rules and regulations.

The notice was sent to selected member companies earlier this month. FINRA has not named any of the firms that received it.

Source: InvestmentNews

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