Regulatory Compliance in the Age of Social Media Image: comprehensive-social-media-audit/ Dan...

Regulatory Compliance in the Age of Social Media

Image: http://www.arikhanson.com/2011/05/05/how-to-conduct-a-comprehensive-social-media-audit/

Dan Bowering, Chief Compliance Officer, Macquarie Private WealthSilu Modi, Vice President, Digital Marketing, Macquarie Private WealthRob Brush, Crawley Meredith Brush Mackewn LLP

Moderators:Shailesh Ambike

Denise Carson

IIROC 2012 CLS Annual Compliance Conference

IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media

Dan Bowering Silu Modi Rob Brush



Overview

• Regulated Communications

• Static Social Media Content

• Interactive Social Media Content

• The Problem with Third Parties

• General Considerations for Social Media Policies and Procedures

Image credit: http://www.globallegalpost.com/blogs/management-speak/the-law-firm-social-media-solution-5582988/#.ULZbn4b5Urc



Communications: Review, Supervision and Record-Keeping

• IIROC Rule 29.7: Advertising, sales literature and correspondence

• NI 31-103: General Record Keeping Requirements

• Pre-review and approval

• Post-use review and/or sampling

• Record Retention



Social Media Subject to IIROC Rules and Securities Legislation

Communications via social media are subject to Dealer Member Rules and securities legislation, “regardless of the method by which communication takes place, and however social media websites evolve…”



Classifying Communications

Static Social Media Content

vs.

Interactive Social Media Content



Static Social Media Content

• Wall, background and profile information• Akin to template advertising• Requires pre-review and supervision



Interactive Social Media Content

• Instant messaging

• Facebook wall

• Comments



Static and Interactive Content

Static Content

Interactive Content



The Problem with Third Parties User: Hey – what are you up to?

Approved Person: Oh hey! I’m just working on a blurb to submit to my boss describing my work experience for some PR pamphlet the office is putting together. Mind taking a look for me for typos/style before I submit it for approval?

User: No problem – just copy/paste it in and I’ll look at it right now.

Approved Person: Approved Person brings a wealth of experience and insight in the market to clients, and can guarantee a rate of return of 10%/year on client’s investments



The Problem with Third PartiesUser: Hey – what are you up to?

Approved Person: Oh hey! I’m just working on a blurb to submit to my boss describing my work experience for some PR pamphlet the office is putting together. Mind taking a look for me for typos/style before I submit it for approval?

User: No problem – just copy/paste it in and I’ll look at it right now.


ScreenCapture



The Problem with Third Parties




Social Media Policies and Procedures

• Who

• What

• From Where

• How



Permitted Users

• Training

• Compliance History

• Ongoing Supervision



Which Platforms?

• Privacy Policies

• Ability to control and delete user content

• Ability to control and delete third party

content

• Record-keeping

Image credit: http://www.floodlight.ca/internet-

marketing-kelowna/social-media/



From Where• Firm-owned devices

• Personal computers

• Smartphones

• Supervision

• Record-keeping

Image: http://tommytoy.typepad.com/tommy-toy-pbt-consultin/2012/10/while-smartphones-have-reached-critical-mass-tablets-are-poised-to-do-the-same-soon-as-a-form-factor-tablets-simultaneousl.html



How

• Regulated communication

• Permitted communication

• Third party communication

• Supervision

• Corrective Action

• Record KeepingImage: http://www.smartpassiveincome.com/blog-post-checklist-after-publish/



Questions?

Regulatory Compliance in the Age of Social Media Image: comprehensive-social-media-audit/ Dan...

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