You may be violating these unsaid rules unknowingly

  • US: FINRA — Financial Industry Regulatory Authority and the SEC — U.S. Securities and Exchange Commission
  • UK: FCA — Financial Conduct Authoritys
  • Germany: BaFin — Federal Financial Supervisory Authority
  • France: AMF — Autorité des marchés financiers (Financial Markets Regulator)
  • Singapore: MAS — Monetary Authority of Singapore
  • Hong Kong: SFC — Securities and Futures Commission
  • Discussing customer information or engaging in political discourse
  • Spreading disinformation or pitching for funds
  • Sharing internal documents
  • Not responding to customer complaints
  • Discussing performance of company products
  • The company’s page should be registered for business activity on social media
  • A list of employees who can communicate on social media as representatives of the firm should be compiled
  • The Compliance Team should educate these employees on dos and don’ts
  • The communications on social media (including posts, comments, likes, shares and other inbound and outbound messages) should be monitored by building an appropriate system (either in-house or outsourced)
  • The system should be able to flag violations and non-compliance automatically
  • The Compliance Team should review flagged and non-flagged items
  • The system should also have supervisory features such as the ability to review, approve, flag, share and escalate all activity
  • The Compliance Team must list action to be taken for non-compliance and subsequently document all findings and corrective action taken
  • If a firm is prohibited from using social media, its employees are also to refrain from using it
  • Audit reviews must show that a company adheres to compliance policies

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Acuity Knowledge Partners

Acuity Knowledge Partners

We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/