FINRA’s 2012 watch list specifically targeted social media and electronic communications. Firms must recognize that all representative communication on social media and blog sites are under FINRA supervisory responsibility, and if firms do not know where and how their representatives are connecting with the public on those sites, firms and their representatives will be the ones receiving the penalties.
To aid with the multiple questions that FINRA has been receiving regarding these new regulations, FINRA issued Regulatory Notice 11-39, building on social media guidance which was provided in Regulatory Notice 10-06, along with reiterating basic regulations for communications with the public “irrespective of the medium or device used to communicate.”
Quest CE’s Social Media Representative Survey offers firms the necessary information to effectively gauge their need for a social media policy. Past surveys yielded results that required immediate firm attention, including the need enact a comprehensive social media policy, as well as the creation of a complete social media compliance program.
Quest CE’s online survey asks representatives to provide details about their social media and blog sites, and if they use those sites for business or personal purposes. After completing the survey, representatives must attest that the information they have provided is both current and correct, providing firms with tangible proof they are fulfilling supervisory responsibility, and placing personal responsibility on the representative.
The first of its kind, Quest CE’s Social Media Representative Survey can be utilized on its own, or as part of Quest CE’s social media compliance solution, Codex. For more information on Quest CE’s Social Media Representative Survey or Quest CE’s suite of social media compliance tools visit http://www.questce.com/
About Quest CE
For over twenty-five years Quest CE has been the premier provider of Compliance Education to the financial services industry. In addition to offering Providership Administration and insurance continuing education (CE) for professionals holding insurance licenses and professional designations like the CFP, CPA, CLE, CIMA and CLU/ChFC designations, Quest CE also provides a complete spectrum of FINRA compliance training solutions including annually required Firm Element Training for registered representatives, on-demand Annual Compliance Meetings, Annual Compliance Questionnaires, Needs Analysis Surveys, Outside Business Activity Tracking, Gifts and Entertainment Tracking and Political Contributions Tracking.
Serving more than 400 leading insurance carriers, broker-dealers, banks, and other financial institutions, Quest CE is committed to providing advanced custom solutions at cost effective rates, while providing a level of service that greatly surpasses their competitors. Quest CE is the single source solution for organizations seeking training and compliance needs.
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Over the past 20-plus years, Quest CE has built a reputation of being the premier provider of Compliance Solutions to the financial services industry.