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Social Media and Regulated Industries - NYU SMI talk by Joyce Sullivan, July 2013
 

Social Media and Regulated Industries - NYU SMI talk by Joyce Sullivan, July 2013

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Joyce Sullivan teaches social media and regulated industry rules of engagement to summer intensive social media marketing students at New York University

Joyce Sullivan teaches social media and regulated industry rules of engagement to summer intensive social media marketing students at New York University

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    Social Media and Regulated Industries - NYU SMI talk by Joyce Sullivan, July 2013 Social Media and Regulated Industries - NYU SMI talk by Joyce Sullivan, July 2013 Presentation Transcript

    • Social Media & Regulated Industries Created and presented by: Joyce Sullivan Founder and CEO SocMediaFin, Inc. Exclusive presentation for July 24, 2013 3rd Annual NYU-SCPS Social Media Marketing Intensive New York University School of Continuing and Professional Studies 11 West 42nd Street, Room 1027 New York, NY 10036
    • @JoyceMSullivan #nyuSMI Agenda • Overview and introductions • The 5 questions℠ • Social media tools – established and emerging • U.S. compliance and regulation overview • Getting started with social media training & pilot programs • Suggested next steps • Discussion and questions Social Media & Financial Services
    • @JoyceMSullivan #nyuSMI Social Media Strategy and Program Management Services oSocial media seminars for regulated industries, specializing in financial services oProgram management services – enterprise business and technology reengineering oSocial media training and staff development oIndustry executives and senior leadership programs in social media oKeynote speaker for company events and industry conferences Visit us >SocMediaFin.com
    • @JoyceMSullivan #nyuSMI 4 Council of Economic Advisors, February 2012 report US Industry Trends: Shrinking and Growing Industries 2007 - 2011
    • @JoyceMSullivan #nyuSMI Social Media Strategy for Financial Services for US Firms • Can you use social media in financial services? • Are there certain social media tools that are recommended? • What are the regulations and compliance rules? ▫ The fun stuff - FINRA and SEC regulatory guidance • Where can you get training to learn social media and financial services basics? • Are there steps for creating a project plan including social media?
    • @JoyceMSullivan #nyuSMI Before asking “Which social media tools should I use?” answer these 5 questions℠ 1. Who are you? 2. What do you have to say? 3. Who are you trying to reach? 5. Once you connect, then what? 4. How do they WANT to be reached?... or not
    • @JoyceMSullivan #nyuSMI The 5 questions℠ 1. Who are you? Employee, business-line owner, industry executive, wealth manager, private banker 2. What do you have to say? Great skills, great products, excellent company to work with, outstanding service 3. Who are you trying to reach? Your current customer, potential new customer, industry leaders, competitors
    • @JoyceMSullivan #nyuSMI The 5 questions℠ 4. How do they WANT to be reached? ... Or not.  Email (home or work)  Voicemail  Phone text  Instant message  Twitter  LinkedIn  Facebook  (public or private message) 5. Once you are ready to connect, then what? How do you develop meaningful connections while complying with industry regulations?
    • @JoyceMSullivan #nyuSMI The 5 questions℠- with your answers 1. Who are you? 2. What do you have to say? 3. Who are you trying to reach? 4. How do they WANT to be reached? 5. Once you are ready to connect, then what?
    • @JoyceMSullivan #nyuSMI Paper and electronic communications must be archived
    • @JoyceMSullivan #nyuSMI Social media communications Social media compliance software needs to be in place to monitor and archive social media posts
    • @JoyceMSullivan #nyuSMI Social Media Tools – established and emerging And many more… 20062004 2011 2005Launched: 2002 20112009 2009
    • @JoyceMSullivan #nyuSMI US Government Services – HowTo.Gov
    • @JoyceMSullivan #nyuSMI Twitter Town Hall Chats Best Practices for Federal Agencies HowTo.Gov
    • @JoyceMSullivan #nyuSMI Social Media Law Today, Glen Gilmore, Esq. @GlenGilmore 10 Social Media Law & Governance Tips • 10 Social Media Law & Governance Tips • HIPAA: What’s Your Hospital’s Social Media Policy? • Financial Services: LinkedIn Triggers FINRA Social Media Regulations • Why your company needs a Social Media Policy
    • @JoyceMSullivan #nyuSMI US Regulations and Guidance: Use of Social Media Investment Advisors and Broker-Dealers Recordkeeping it’s the content that matters All business communications whether transmitted by desktop, smart phones (Blackberry, Android, iPhone etc), tablets (iPads) etc. must be retained - letters, emails, all written communication - instant messages, social media messages (LinkedIn email, Facebook posts, Tweets) - social media activities (Likes on Facebook, Retweets on twitter, posts on LinkedIn) Disclosuresproper disclosures for relationships you may develop e.g. bloggers, advertisers, affiliates Advertising static advertising requires preapproval interactive advertising can be post review but not, “Days after the fact” Communication with the public must adhere to existing content standards Suitability – know your customer, only make recommendations suitable for your clients Supervisionfirms must demonstrate they are supervising written communications Trainingregistered personal be trained before they start using social media Similar overall for - FINRA, SEC (US), IIROC (Canada), SEBI (India) and FAS (UK)
    • @JoyceMSullivan #nyuSMI Highlights - US Regulations and Guidance: Record Retention  Securities and Exchange Commission (SEC) 1934  Amendments to Books and Records Requirements for Brokers and Dealers  May 2003  National Examination Risk Alert - Investment Advisor Use of Social Media  January 2012
    • @JoyceMSullivan #nyuSMI Highlights - US Regulations and Guidance: Record Retention SEC Rule 17a-4 Amendments to Books and Records Requirements for Brokers and Dealers Under the Securities Exchange Act of 1934 http://www.sec.gov/rules/final/34-44992.htm Effective: May 2, 2003 Same recordkeeping requirements with guidance for electronics records
    • @JoyceMSullivan #nyuSMI http://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf Same recordkeeping requirements with guidance for social media and electronic devices Highlights - US Regulations and Guidance: Record Retention
    • @JoyceMSullivan #nyuSMI Highlights - US Regulations and Guidance: Electronic Communications & Social Media Use  Regulatory Notice 07-59 Supervision of Electronic Communications (2007)  Regulatory Notice 10-06 Guidance on Blogs and Social Media Websites (2010)  Regulatory Notice 11-39 Guidance on Electronic Devices (2011)  Regulatory Notice 12-29 New Rules Governing Communications With The Public (effective Feb 4, 2013)
    • @JoyceMSullivan #nyuSMI http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p037553.pdf
    • @JoyceMSullivan #nyuSMI http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p120779.pdf
    • @JoyceMSullivan #nyuSMI http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p1241 86.pdf
    • @JoyceMSullivan #nyuSMI http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p1270 14.pdf
    • @JoyceMSullivan #nyuSMI How to get started with a social media pilot program
    • @JoyceMSullivan #nyuSMI Social Media Pilot Project Planning Include at the Business Initiation / Evolution stages Social media integration  Identify social media program key stakeholders and senior management champions Pilot proposal   Integrate social media throughout business and system development life cycle  Include legal, compliance and social media training teams as key stakeholders
    • Financial Services and Technology Rockstar Women March 12, 2012 Hilton Garden Inn Austin, Texas USA Anna O'Brien UK Joyce Sullivan USA Liz Lumley UK Sarah Carter USA Simone McCallum NZ @simonemccallum @LizLum @annaobrien @SarahActiance @JoyceMSullivan Twitter hashtags: #sxsw #FTRW
    • @JoyceMSullivan #nyuSMI SXSW 2012 Financial Services & Technology Rockstar Women Five global women – NZ, UK, US - who work in financial services and use social media for work http://schedule.sxsw.com/2012/events/event_IAP9392
    • @JoyceMSullivan #nyuSMI Suggested Next Steps Social media policy  Become familiar with existing social media policy – if there is one  Get to know group working on social media training and policy development  Volunteer to partner with a team working on social media planning Social media training  Include social media training for employees and staff  Types of social media training you’re looking for  Assist pilot team in co-creating social media training modules  Eventually empower employees to support and protect your brand
    • @JoyceMSullivan #nyuSMI Suggested Next Steps Learn the social media regulatory basics  Get to know your legal and compliance department  Discuss how together you can come up with a pilot program  Engage senior stakeholders and functional groups for a pilot Keep up with the competitive landscape  Participate in and attend industry events to stay current
    • @JoyceMSullivan #nyuSMI Thank you! Please connect with me. I would enjoy hearing from you. LinkedIn http://linkedin.com/in/joycemsullivan About.me http://about.me/joycemsullivan Twitterhttp://twitter.com/joycemsullivan Website http://socmediafin.com email: joyce@socmediafin.com 31 Joyce
    • Social Media & Regulated Industries Created and presented by: Joyce Sullivan Founder and CEO SocMediaFin, Inc. Exclusive presentation for July 24, 2013 3rd Annual NYU-SCPS Social Media Marketing Intensive New York University School of Continuing and Professional Studies 11 West 42nd Street, Room 1027 New York, NY 10036