Archiving & Compliance vendor smarsh outlines path for Corporate Social Media Governance

by Smarsh, February 3, 2010.

Portland, Ore., Feb. 3, 2010 – In the wake of the Financial Industry Regulatory Authority’s (FINRA) recently-issued Regulatory Notice 10-6, which provides compliance guidance on blogs and social networking websites, Smarsh®, the managed service leader in secure, innovative and reliable email archiving and compliance solutions, counsels investment advisers and broker-dealers to look to existing email and electronic messaging communications oversight when building social media governance programs.

“With Regulatory Notice 10-6, FINRA has made its point very clearly,” said Stephen Marsh, Smarsh founder and CEO. “It’s the message – the client communication – that ultimately matters. Despite the governance challenges that blogs and social networking websites may present, firms still must extend their compliance policies to cover this form of communication and they must employ effective procedures to enforce them. Employees are using these tools, outlawing their use altogether is unrealistic and the ‘wait and see’ approach to governing social media is not acceptable.”

Extending Compliance Policies and Procedures

Regulatory Notice 10-6 reasserts FINRA’s commitment to protecting investors by applying its electronic communication preservation and monitoring obligations to blogs and third-party social networking websites such as TwitterFacebook and LinkedIn. The notice details some of the inherent record-keeping, suitability and supervision challenges posed by social networking and provides definition for elements unique to the medium. For instance, it differentiates between interactive and static usage and the different approaches required for review…(continue reading)


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