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APAC compliance and legislative requirements for social media

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The financial services sector is at the forefront of developing guidelines for new forms of electronic communication. Actiance has been a leader in this vertical, having advised the SEC on changes to …

The financial services sector is at the forefront of developing guidelines for new forms of electronic communication. Actiance has been a leader in this vertical, having advised the SEC on changes to Rules 17a-3 and 17a-4 to incorporate social media. It is widely expected that other verticals, such as pharmaceuticals and energy/utilities, will follow suit and update existing guidelines to address social media. Until that time arrives when all industries have social media-specific rules on the books, the recommended best practice is to craft and disseminate a social media policy, enforce it, supervise communications when appropriate, and to log and archive all activities and content posted to the social networks.


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  • 1. APAC Complianceand Legislative Requirementsfor Social Media 1
  • 2. Given the rapid rise of the business use of social media within the workplace, Actiance has developed this reference guide on the key global legislative and regulatory provisions governing social media communications. Through this enhanced understanding, organizations can better develop or refine their compliance strategies as well as identify the necessary technology solutions crucial to meeting their Table of Contents compliance requirements. 4 Financial Services Regulatory bodies throughout the world have begun to issue social 6 Healthcare media-specific guidelines. For instance, the US and Australia have 7 Energy and Utilities issued such guidelines over the past couple years. Other countries, 8 Pharamceuticals such as the UK and India, have rules that implicitly include social media. Thus, social media interactions are just another form of 9 Cross-Industry Considerations electronic communication to be treated no differently than other types of electronic communication (e.g., email). The financial services sector is at the forefront of developing guidelines for these new forms of electronic communication. Actiance has been a leader in this vertical, having advised the SEC on changes to Rules 17a-3 and 17a-4 to incorporate social media. It is widely expected that other verticals, such as pharmaceuticals and energy/utilities, will follow suit and update existing guidelines to address social media. Until that time arrives when all industries have social media-specific rules on the books, the recommended best practice is to craft and disseminate a social media policy, enforce it, supervise communications when appropriate, and to log and archive all activities and content posted to the social networks.2 3
  • 3. FINANCIAL SERVICES FINANCIAL SERVICES Country Regulation Excerpt Impact Country Regulation Excerpt Impact Australia: Advertisements should give Advertising to prospects and Singapore: A holder of a capital markets Specifies the length of time Australian Securities balanced information so that customers must be clear and Securities and services licence shall that the records maintained by AU & Investments consumers can understand unambiguous SG Futures Act retain such books as may be a holder of a capital markets Commission the nature of the financial required to be kept under this services licence must product or advice service being Chapter 289, Act for a period of not less be preserved. Regulatory Guide advertised. Section 102 (3) than 5 years. 234.29 Singapore: A holder of a capital markets A tamper-proof retention Securities and services licence shall take mechanism must be employed Australia: Promoters should consider the A reader should be able SG Futures Act reasonable precautions to to ensure integrity of data. Regulatory Guide overall impression created by to ascertain the gist of an prevent falsification of the AU 234.116 the banner when viewed by advertisement when viewed Chapter 289, books required to be kept by itself for the first time. for the first time on its own Section 112(1)(a) it under this Act and to (i.e., without having to click and (b) facilitate the discovery of through to another website or any falsification of any document). such book. Securities and SEBI’s mission is to protect SEBI has three functions Exchange Board of the interests of investors in rolled into one body: quasi- Australia: Promoters should carefully Physical limitations of specific IN India (SEBI) securities and to promote legislative, quasi-judicial, Regulatory Guide consider the appropriateness media (e.g., character limits of the development of, and to and quasi-executive. It drafts AU 234.118 of some new media channels if Twitter) cannot be used as an regulate, the securities market regulations in its legislative content limitations mean that excuse for creating misleading and all related matters. capacity, it conducts investiga- there is insufficient space to advertisements. tion and enforcement action in provide balanced information. its executive function, and it passes rulings and orders in its judicial capacity. Though this makes it very powerful, there is an appeals process to create accountability. Circular ISD/1/2011 Access to Blogs/Chat forums/ Business-related Messenger sites, etc., should communications via electronic New Zealand: Advertisement by financial ad- A financial adviser must be IN either be restricted under media, such as blogs, social Financial Advisers viser must not be misleading, clear and unambiguous in its supervision or access should media, etc., must be NZ Act 2008 deceptive, or confusing advertising to prospects and not be allowed. supervised, logged, and customers. archived. Section 35 Logs for any usage of such Blogs/Chat forums/Messenger sites (called by any nomen- clature) shall be treated as records and the same should be maintained as specified by the respective Regulations which govern the concerned intermediary.4 5
  • 4. HEALTHCARE ENERGY AND UTILITIES Country Regulation Excerpt Impact Country Regulation Excerpt Impact Australia: A person who is, or has been, a Ensure a person’s privacy is Australia: Name the legal entity or Record retention requirement Health Practitioner person exercising functions un- protected Australian Energy entities in which the separate AU Regulations Agency der this Law must not disclose AU Regulator (AER) accounts are reported, main- to another person protected tained and kept for the ser- information. National Gas Law vices provided by each covered Section 27(1)(a), pipeline owner or operator. Attachment 1 (2.3b) Australia Guidelines on social media as Practical guidelines to assist New Zealand: The Electricity Authority Record retention requirement and New Zealand: a joint initiative between AMA, doctors and medical students Electricity Authority may require an industry AU Australian Medical NZMA, NZMSA, and AMSA to continue to enjoy the online AU participant to provide, within Association (AMA), world, while maintaining Electricity Industry any reasonable time specified New Zealand 1. Be Careful About What You professional standards. Act 2010, by the Authority, any informa- NZ Medical Association Say and How You Say It NZ Section 46 tion, papers, recordings, (NZMA), 2. Keep Your Friends Close Focus on: Confidentiality, and documents that are in and Others...Not So Close Defamation, Doctor-patient the possession, or under the New Zealand boundaries, Colleagues’ online control, of the participant Medical Students’ 3. Consider the Destiny of conduct, Extent of access to and that are requested for Association Your Data your information, Background the purpose: (NZMSA), 4. Take Control of Your Privacy checks, Other employment 5. Are You Maintaining issues, University regulations, Australia Professional Standards and Privacy settings Medical Students’ Online? Association (AMSA) Singapore: Regulates public health Guidelines for theprotection Singapore: The Authority shall cause to Record retention requirement Ministry of Health and safety, including the of confidential information Energy Market be entered in the register (a) SG healthcare profession, and advertising practices SG Authority the provisions of every licence healthcare practices / or exemption granted to any establishments as well as Electricity Act, person under Part III and the statutory boards charged Chapter 89A, details of every licence or with these responsibilities. Section 101 (2a-c) exemption revoked; (b) the details of any modification to the conditions of an electricity licence; and (c) any other matters as the Authority thinks fit.6 7
  • 5. PHARMACEUTICALS CROSS INDUSTRY CONSIDERATIONS Country Regulation Excerpt Impact Country Regulation Excerpt Impact Australia: Certain advertisements Unsolicited testimonials for Singapore: Commercial messages should Applies to any commercial Therapeutic Goods directed at consumers require certain products and drugs, Code of Advertising only be posted to news groups, communications over the AU Administration approval prior to broadcast or if posted on social media, and SG Practice, forums, bulletin boards or blogs Internet, including social (TGA) publication. that appear on the walls of a Appendix D that bear some relation to the media. medical brand page or profile content of the commercial Advertising to consumers are immediate violations of message. Off-topic commercial is permitted for the major- TGA guidelines and must be messages are only appropriate ity of medicines available for deleted. when the conference adminis- over the counter sale, while trator or systems operator advertising prescription-only has specifically made such and certain pharmacist-only messages allowable. medicines to the general public is prohibited. New Zealand: Require any advertisement Can theoretically apply to New Zealand for a medicine to include all forms of electronic NZ Medicines and consumer information about communication, including Medical Devices any appropriate precautions, social media Safety Authority contra-indications and adverse effects of that medicine. Medicines Act 1981, Sections - State this information in 56-62 a form that is both relevant to, and easily understood by, the consumer - Prominently direct the consumer to an easily accessible source of appropriate additional information. Singapore: Prohibits certain advertisements Applies to all forms of Health Sciences relating to medical matters electronic communication, SG Authority and to regulate the sale of including social media substances recommended Medicines as a medicine. (Advertisement and Sale) Act, Chapter 1778 9
  • 6. Socialite The Socialite platform helps Financial Institutions protect brand and ensure compliance while allowing employees to share relevant content, measure impact and increase engagement. Socialite helps Financial Advisors share relevant and pre-approved content, ensure authenticity of voice, measure impact and increase engagement to grow their business. Socialite controls access to more than 200 features across social networks but can also moderate, manage, and archive any social media traffic routed through the solution. About Actiance Actiance helps organizations manage, secure and ensure compliance across unified communications, collaboration, and Web 2.0 applications such as blogs, wikis and social networks. Actiance’s award-winning platforms are used by 9 of the top 10 US banks and nearly 300 FINRA-regulated firms firms globally. The Actiance platform allows organizations to gain visibility of applications in use, apply usage and content policies, ensure compliance, and gain valuable insights across the communications and collaboration channels in use. Actiance supports all leading social networks, unified communications, and collaboration providers and IM platforms, including Facebook, LinkedIn, Twitter, Google, Yahoo!, AOL, Skype, Cisco, Microsoft, Jive, and IBM. Actiance is headquartered in Belmont, California. For further information or if you’d like to arrange an evaluation, please visit our website at www.actiance.com. You can also contact us at 888.349.3223 or email us at info@actiance.com.   Insurance and Social Media |10 11
  • 7. Worldwide Headquarters Asia-Pacific 1301 Shoreway, Suite 275 +61 418 823 843 phone Belmont, CA 94002 USA mveitch@actiance.com (650) 631-6300 phone info@actiance.com This document is for informational purposes only. Actiance makes no warranties, express or implied, in this document. Complying with all applicable copyright laws is the responsibility of the user. Without limiting the rights under copyright, no part of this document may be reproduced, stored in or introduced into a retrieval system, or transmitted in any form or by any means (electronic, mechanical, photocopying, recording, or otherwise), or for any purpose, without the express written permission of Actiance, Inc. © 2001 - 2012 Actiance, Inc. All rights reserved. Actiance and the Actiance logo are registered trademarks of Actiance, Inc. Actiance Vantage, Unified Security Gateway, Socialite, and Insight are trademarks of Actiance, Inc. All other trademarks are the property of their respective owners.12