Complying with and Applying Regulator's Rules and Guidance as it Relates to Social Media and Personal Electronic Devices (Financial Services)

Instructor: Donna Sardanopoli
Product ID: 703502
  • Duration: 90 Min

recorded version

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Read Frequently Asked Questions

This webinar will discuss FINRA Regulatory Notice 10-06, 11-39 and SEC Social Media Guidance. Attendees will learn how to ensure compliance with all rules, regulations and guidance as it relates to social media and electronic devices.

Why Should You Attend:

It is extremely important to be able to manage, supervise and audit the use of any type of social media websites, in addition to the use of all firm owned and personal electronic devices for business communications. Firms may permit their associated persons to use any communication device, whether it is owned by the firm or an associated person for business communications. FINRA recognizes that new technologies can facilitate the ability of associated persons to perform their responsibilities and in the case of registered representatives, to serve their clients. Firms must be able to retain, retrieve and supervise business communications regardless of whether they are conducted from a device owned by a firm or by the associated person.

With that said, most egregious rule violations connected to social media and use of electronic devices are found at the broker dealer branch location where registered representatives are located and perform their daily responsibilities.

This webinar will clarify FINRA Regulatory Notice 10-06, 11-39 and the SEC Social Media Guidance. In addition, it will enable firms to apply such guidance in their compliance reviews. With the regulatory focus on social media, senior management, compliance officers and internal auditors need to have an understanding of the rules and regulatory guidance (subject matter expertise) and how to apply them while performing diligent reviews. This webinar will provide guidance to firms on what measures to adopt at the home office and branch office locations to be compliant with all regulatory rules and guidance as it relates to social media and use of electronic devices.

Areas Covered in the Webinar:

  • Provisions of Regulatory Notice 10-06 and 11-39.
  • Authoritative guidance on how the FINRA rules governing communications with the public apply to social media sites that are sponsored by the firm or its registered representatives.
  • Regulatory expectations related to social media websites.
  • Regulatory expectations related to the use of firm owned and personal devices for business communications.
  • Social media content sound practices.
  • FINRA’s spot check of social media communications.
  • FINRA examiner checklist.
  • Best practices in performing compliance reviews and assessments at the branch office location.
  • Questionnaires utilized to perform review of registered representatives use of social media and their use of electronic devices for business communications.

Who Will Benefit:

  • Compliance Directors
  • Compliance Professionals
  • Internal Auditors
  • Branch Auditors
  • Branch Office Managers
  • Registered Representatives
  • Senior Management
  • Legal Department Personnel

Instructor Profile:

Donna Sardanopoli, is the Founding member and President of Regulatory Intelligence Compliance Solutions Inc. and a 24 year veteran of the securities Industry. The first eight years of her professional life were spent working for the New York Stock Exchange where she was a Senior Compliance Sales Practice Examiner. For the next eight years she was a first vice president at UBS Financial Services Inc. (formerly Paine Webber), in charge of managing all regulatory examinations for the broker-dealer.

After auditing hundreds of broker-dealers as a regulator, and leading the regulatory exam department for one of the world’s largest broker-dealers - managing hundreds of SEC, NYSE, NASD/FINRA and state regulatory exams - Ms. Sardanopoli came to realize the limitations and shortcomings inherent in firm’s compliance programs, training programs and internal audit departments. So, after over 20 years of deep audit experience, Regulatory Intelligence has been able to teach and guide businesses on how to create audit programs, perform continual compliance testing programs and training that enables the firms to be proactive instead of reactive to all regulatory requirements.

Topic Background:

The Financial Regulatory Authority (FINRA) issued Regulatory Notice 10-06 (Social Media Web Sites ) in January 2010 to provide guidance to broker dealers regarding the use of social media and exactly how the FINRA rules governing communications with the public apply to social media sites that are sponsored by the firm or its registered representatives.

Firms are trying to understand how to better use social media effectively and at the same time be in compliance with all rules and regulations. In 2011 a task force was organized to provide further clarification concerning applications to the rules and new technologies. As a result FINRA Regulatory Notice 11-39 (Social Media Websites and the use of Personal Devices for Business Communications) was issued in August 2011.

When Regulatory Notice 10-06 and 11-39 was issued there were six major categories of communication under NASD Rule 2210. Since then FINRA has replaced NASD Rule 2210 and 2211 and NYSE Rule 472 with FINRA Rule 2210, which now governs communications with the public (FINRA Regulatory notice 12-29). Regulators are currently focusing on this area. Firms need to understand how to not only create policies and procedures but how to manage, supervise and audit to this area of focus.

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Product Reviews Write review

Donna Sardanopoli a gave an excellent, clear and comprehensiv e presentation. Although our organization a registered investment advisor with SEC, a number of our employees are also registered representative s and have to comply with FINRA regulation. In addition, we are in the process of enhancing our social media policies. We found this presentation very helpful.
- Anonymous

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