Monday, January 25, 2010

FINRA Guidance for Brokers' Social Networking

FINRA Regulatory Notice 10-06 clarifies responsibilities to supervise the use of social networking sites to ensure suitabliliy of recommendations and that customers are not misled. The Notice also addresses recordkeeping and other responsibilities. Each firm must develop its own policies and procedures — in the context of its own particular business model and compliance and supervisory programs.

Helping to form the guidance was a Task Force of Compliance Officers and others from 14 FINRA member firms. Click for Press release and Notice.

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