Social Media: Opportunities and Challenges

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A presentation on Social Media regulation for financial services as delivered in Boston on September 19, 2013. Follow LIMRA_CRS on Twitter @LIMRA_CRS! Feel welcome to send feedback or questions to …

A presentation on Social Media regulation for financial services as delivered in Boston on September 19, 2013. Follow LIMRA_CRS on Twitter @LIMRA_CRS! Feel welcome to send feedback or questions to sselby@limra.com

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  • Welcome: Stephen
  • Lead: PaulFINRA Rule 2210http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=10648 FINRA Rule 2711http://finra.complinet.com/en/display/display_main.html?rbid=2403&record_id=14853 FINRA RN 10-06http://finra.complinet.com/net_file_store/new_rulebooks/f/i/finra_10-06.pdfFINRA RN 11-39http://finra.complinet.com/net_file_store/new_rulebooks/f/i/finra_11-39.pdfFINRA RN 12-29http://finra.complinet.com/net_file_store/new_rulebooks/f/i/FINRANotice12_29.pdf
  • Lead: PaulPART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 §240.17a-4 http://www.ecfr.gov/cgi-bin/text-idx?c=ecfr&SID=8978c92eb519b870d408b302d3ca98f9&rgn=div8&view=text&node=17:3.0.1.1.1.2.104.413&idno=17
  • Lead: Antoine
  • Lead: AntoineNational Examination Risk AlertBy the Office of Compliance Inspections and Examinationshttp://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf
  • Lead: AntoineRecent state laws concerning employee privacy as applied to broker dealer and investment advisorshttp://www.ncsl.org/issues-research/telecom/employer-access-to-social-media-passwords-2013.aspxReport on Massachusetts Registered Investment Advisers' Use of Social Mediahttp://www.sec.state.ma.us/sct/sctmediasurvey/socialmedia.pdf andMassachusetts Guidance on the Use of Social Media by Investment Advisers January 18,2012http://www.sec.state.ma.us/sct/sctpdf/The-Use-of-Social-Media-by-Investment-Advisers.pdf
  • Lead: TimFINRA Targeted Exam Lettershttp://www.finra.org/Industry/Regulation/Guidance/TargetedExaminationLetters/P282569
  • Lead StephenNAIC Paper on Social MediaLink: http://www.naic.org/store/free/USM-OP.pdf
  • Q&A: All

Transcript

  • 1. Social Media: Opportunities and Challenges September 19, 2013
  • 2. Presenters • Panelists: • Antoine M. Devine, General Counsel & Chief Compliance Officer, Covestor, Lt. • Paul M. Tyrrell, Counsel, Sidley Austin LLP • Timothy J. Dwinal, Vice President, Natixis Global Asset Management • Moderator: • Stephen Selby, AVP Social Media, Audit, Regulator Relations, LIMRA
  • 3. Review FINRA Rule 2210 and Regulatory Notice 12-29 • Institutional vs. Retail vs. Correspondence • Review and Approval • Research Reports under Rule 2711. “Research Analysts and Research Reports” in the context of Rule 2210 and social communications • Suggested reading SEC Reg. FD
  • 4. Record Retention • PART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 §240.17a-4 • Related record retention regulations as applied to social communications
  • 5. SEC IM Guidance Update No. 2013-0111 • Review the SEC’s Division of Investment Management issued IM Guidance Update No. 2013-0111 • SEC filing requirements for certain fund-related interactive content. • “Social” content as found in chat rooms and social media such as Facebook and Twitter, and set forth certain subjective criteria which can be used to determine whether communications need to be filed.
  • 6. Review National Examination Risk Alert: IAA Use of Social Media (1/4/12) • Compliance Program Related to the Use of Social Media • Third-Party Content • Recordkeeping Responsibilities
  • 7. Review Social Media Privacy Issues • Regulation SP • Employer Access to Social Media Usernames and Passwords 2013 • Recent state laws concerning employee privacy as applied to broker dealer and investment advisors • Case study: Focus on Massachusetts
  • 8. FINRA Targeted Exam Letters • Spot-Check of Social Media Communications (June 2013) o An explanation of how the firm is currently using social media o Firm use of social media o Explain how the firm's RRs and associated persons generally use social media in the conduct of the firm's business o The portion of your firm's WSPs concerning the production, approval and distribution of social media communications o What measures has your firm has adopted to monitor compliance? o A tabular list of your firm's top 20 producing RRs (based on commissioned sales).
  • 9. NAIC & Social Media • Material differences between NAIC and securities standards 9
  • 10. Q & A • FINRA Regulatory Notice 12-29: • http://www.finra.org/web/groups/industry/@ip/@reg/@notice/do cuments/notices/p127014.pdfRecord Retention • SEC National Examination Risk Alert: • http://www.sec.gov/about/offices/ocie/riskalert- socialmedia.pdfReview the SEC’s Division of Investment Management issued IM Guidance Update No. 2013-0111 • Review National Examination Risk Alert: IAA Use of Social Media (1/4/12) • Review Social Media Privacy Issues • FINRA Targeted Examination Letters • NAIC White Paper: The Use of Social Media in Insurance
  • 11. 11 Contact Information STEPHEN SELBY LIMRA Office Phone: (860) 285-7858 sselby@LIMRA.com Twitter @LIMRA_CRS PAUL M. TYRRELL Sidley Austin LLP Office Phone: (617).273-8189 ptyrrell@sidley.com ANTOINE M. DEVINE Office Phone (866).825.3005, ext. 704 Cell Phone (480).772.1782 covestor.com antoine@covestor.com TIMOTHY J. DWINAL Natixis Global Asset Management Timothy.Dwinal@ngam.natixis.com