Financial Regulatory Forum

IA brief: State regulator’s deficiency letter offers clues for social-media policies

By Jason Wallace

NEW YORK, May 25 (Thomson Reuters Accelus) – A state regulator’s letter to an investment advisory firm outlining shortcomings in the firm’s use of social media also gives an early clue to how regulators will scrutinize the financial industry’s growing use of services like Facebook and LinkedIn.

The “exam deficiency” letter was provided by a source familiar with the case to Thomson Reuters on the grounds that neither the source nor the target of the letter be identified. Such letters, which specify areas in which a firm’s regulatory compliance falls short, are issued by a regulator after an examination of a firm. (more…)

Facebook challenges financial regulators -FINRA

Mark Zuckerberg, founder and CEO of Facebook, delivers a keynote address at the company's annual conference in San Francisco, California July 23, 2008. Zuckerberg, 24, told an audience of 1,000 industry executives, software makers, media, and his mother and father at the conference here of plans to let Facebook features run on affiliated sites off the social network. REUTERS/Kimberly White (UNITED STATES) NEW YORK, Oct 27 (Reuters) – Social networking sites like Facebook and LinkedIn raise “serious new challenges” for financial regulators, the head of the largest U.S. independent securities regulator said on Tuesday.

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