apac compliance and legislative requirements for social media

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1 APAC Compliance and Legislative Requirements for Social Media

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The financial services sector is at the forefront of developing guidelines for new forms of electronic communication. Actiance has been a leader in this vertical, having advised the SEC on changes to Rules 17a-3 and 17a-4 to incorporate social media. It is widely expected that other verticals, such as pharmaceuticals and energy/utilities, will follow suit and update existing guidelines to address social media. Until that time arrives when all industries have social media-specific rules on the books, the recommended best practice is to craft and disseminate a social media policy, enforce it, supervise communications when appropriate, and to log and archive all activities and content posted to the social networks.

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Page 1: APAC compliance and legislative requirements for social media

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APAC Compliance and Legislative Requirementsfor Social Media

Page 2: APAC compliance and legislative requirements for social media

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Given the rapid rise of the business use of social media within the

workplace, Actiance has developed this reference guide on the

key global legislative and regulatory provisions governing social media

communications. Through this enhanced understanding, organizations

can better develop or refine their compliance strategies as well as

identify the necessary technology solutions crucial to meeting their

compliance requirements.

Regulatory bodies throughout the world have begun to issue social

media-specific guidelines. For instance, the US and Australia have

issued such guidelines over the past couple years. Other countries,

such as the UK and India, have rules that implicitly include social

media. Thus, social media interactions are just another form of

electronic communication to be treated no differently than other types

of electronic communication (e.g., email).

The financial services sector is at the forefront of developing guidelines

for these new forms of electronic communication. Actiance has been a

leader in this vertical, having advised the SEC on changes to Rules

17a-3 and 17a-4 to incorporate social media. It is widely expected that

other verticals, such as pharmaceuticals and energy/utilities, will follow

suit and update existing guidelines to address social media.

Until that time arrives when all industries have social media-specific

rules on the books, the recommended best practice is to craft and

disseminate a social media policy, enforce it, supervise communications

when appropriate, and to log and archive all activities and content

posted to the social networks.

Table of Contents

4 Financial Services

6 Healthcare

7 Energy and Utilities

8 Pharamceuticals

9 Cross-Industry Considerations

Page 3: APAC compliance and legislative requirements for social media

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Country Regulation Excerpt Impact

AU

Australia: Australian Securities & Investments Commission

Regulatory Guide 234.29

Advertisements should give balanced information so that consumers can understand the nature of the financial product or advice service being advertised.

Advertising to prospects and customers must be clear and unambiguous

AU

Australia: Regulatory Guide 234.116

Promoters should consider the overall impression created by the banner when viewed by itself for the first time.

A reader should be able to ascertain the gist of an advertisement when viewed for the first time on its own (i.e., without having to click through to another website or document).

AU

Australia: Regulatory Guide 234.118

Promoters should carefully consider the appropriateness of some new media channels if content limitations mean that there is insufficient space to provide balanced information.

Physical limitations of specific media (e.g., character limits of Twitter) cannot be used as an excuse for creating misleading advertisements.

NZ

New Zealand: Financial Advisers Act 2008

Section 35

Advertisement by financial ad-viser must not be misleading, deceptive, or confusing

A financial adviser must be clear and unambiguous in its advertising to prospects and customers.

Country Regulation Excerpt Impact

SG

Singapore: Securities and Futures Act

Chapter 289, Section 102 (3)

A holder of a capital markets services licence shall retain such books as may berequired to be kept under this Act for a period of not less than 5 years.

Specifies the length of time that the records maintained by a holder of a capital markets services licence mustbe preserved.

SG

Singapore: Securities and Futures Act

Chapter 289, Section 112(1)(a) and (b)

A holder of a capital markets services licence shall take reasonable precautions to prevent falsification of the books required to be kept by it under this Act and to facilitate the discovery of any falsification of any such book.

A tamper-proof retention mechanism must be employed to ensure integrity of data.

IN

Securities and Exchange Board of India (SEBI)

SEBI’s mission is to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market and all related matters.

SEBI has three functions rolled into one body: quasi-legislative, quasi-judicial, and quasi-executive. It drafts regulations in its legislative capacity, it conducts investiga-tion and enforcement action in its executive function, and it passes rulings and orders in its judicial capacity. Though this makes it very powerful, there is an appeals process to create accountability.

IN

Circular ISD/1/2011 Access to Blogs/Chat forums/Messenger sites, etc., should either be restricted under supervision or access should not be allowed.

Logs for any usage of such Blogs/Chat forums/Messenger sites (called by any nomen-clature) shall be treated as records and the same should be maintained as specified by the respective Regulations which govern the concerned intermediary.

Business-related communications via electronic media, such as blogs, social media, etc., must be supervised, logged, and archived.

FINANCIAL SERVICES FINANCIAL SERVICES

Page 4: APAC compliance and legislative requirements for social media

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Country Regulation Excerpt Impact

AU

Australia: Health Practitioner Regulations Agency

A person who is, or has been, a person exercising functions un-der this Law must not disclose to another person protected information.

Ensure a person’s privacy is protected

AU

NZ

Australia and New Zealand:Australian Medical Association (AMA), New Zealand Medical Association (NZMA),

New Zealand Medical Students’ Association (NZMSA), Australia Medical Students’ Association (AMSA)

Guidelines on social media as a joint initiative between AMA, NZMA, NZMSA, and AMSA

1. Be Careful About What You Say and How You Say It

2. Keep Your Friends Close and Others...Not So Close

3. Consider the Destiny of Your Data

4. Take Control of Your Privacy

5. Are You Maintaining Professional Standards Online?

Practical guidelines to assist doctors and medical students to continue to enjoy the online world, while maintaining professional standards.

Focus on: Confidentiality, Defamation, Doctor-patient boundaries, Colleagues’ online conduct, Extent of access to your information, Background checks, Other employment issues, University regulations, and Privacy settings

SG

Singapore: Ministry of Health

Regulates public health and safety, including the healthcare profession, healthcare practices / establishments as well as statutory boards charged with these responsibilities.

Guidelines for theprotection of confidential information and advertising practices

Country Regulation Excerpt Impact

AU

Australia: Australian Energy Regulator (AER)

National Gas Law Section 27(1)(a), Attachment 1 (2.3b)

Name the legal entity or entities in which the separate accounts are reported, main-tained and kept for the ser-vices provided by each covered pipeline owner or operator.

Record retention requirement

AU

NZ

New Zealand: Electricity Authority

Electricity Industry Act 2010, Section 46

The Electricity Authority may require an industry participant to provide, within any reasonable time specified by the Authority, any informa-tion, papers, recordings, and documents that are in the possession, or under the control, of the participant and that are requested for the purpose:

Record retention requirement

SG

Singapore: Energy Market Authority

Electricity Act, Chapter 89A, Section 101 (2a-c)

The Authority shall cause to be entered in the register (a) the provisions of every licence or exemption granted to any person under Part III and the details of every licence or exemption revoked; (b) the details of any modification to the conditions of an electricity licence; and (c) any other matters as the Authority thinks fit.

Record retention requirement

HEALTHCARE ENERGY AND UTILITIES

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Country Regulation Excerpt Impact

AU

Australia: Therapeutic Goods Administration (TGA)

Certain advertisements directed at consumers require approval prior to broadcast or publication.

Advertising to consumers is permitted for the major-ity of medicines available for over the counter sale, while advertising prescription-only and certain pharmacist-only medicines to the general public is prohibited.

Unsolicited testimonials for certain products and drugs, if posted on social media, and that appear on the walls of a medical brand page or profile are immediate violations of TGA guidelines and must be deleted.

NZ

New Zealand: New Zealand Medicines and Medical Devices Safety Authority

Medicines Act 1981, Sections 56-62

Require any advertisement for a medicine to include consumer information about any appropriate precautions, contra-indications and adverse effects of that medicine.

- State this information in a form that is both relevant to, and easily understood by, the consumer

- Prominently direct the consumer to an easily accessible source of appropriate additional information.

Can theoretically apply to all forms of electronic communication, including social media

SG

Singapore:Health Sciences Authority

Medicines (Advertisement and Sale) Act, Chapter 177

Prohibits certain advertisements relating to medical matters and to regulate the sale of substances recommended as a medicine.

Applies to all forms of electronic communication, including social media

PHARMACEUTICALS

Country Regulation Excerpt Impact

SG

Singapore: Code of Advertising Practice, Appendix D

Commercial messages should only be posted to news groups, forums, bulletin boards or blogs that bear some relation to the content of the commercial message. Off-topic commercial messages are only appropriate when the conference adminis-trator or systems operator has specifically made such messages allowable.

Applies to any commercial communications over the Internet, including social media.

CROSS INDUSTRY CONSIDERATIONS

Page 6: APAC compliance and legislative requirements for social media

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Insurance and Social Media |

About Actiance

Socialite

Actiance helps organizations manage, secure and ensure compliance across

unified communications, collaboration, and Web 2.0 applications such

as blogs, wikis and social networks. Actiance’s award-winning platforms

are used by 9 of the top 10 US banks and nearly 300 FINRA-regulated firms

firms globally. The Actiance platform allows organizations to gain visibility

of applications in use, apply usage and content policies, ensure compliance,

and gain valuable insights across the communications and collaboration

channels in use. Actiance supports all leading social networks, unified

communications, and collaboration providers and IM platforms, including

Facebook, LinkedIn, Twitter, Google, Yahoo!, AOL, Skype, Cisco, Microsoft,

Jive, and IBM. Actiance is headquartered in Belmont, California.

For further information or if you’d like to arrange an evaluation, please visit our website at www.actiance.com. You can also contact us at 888.349.3223 or email us at [email protected].

The Socialite platform helps Financial Institutions protect brand and ensure

compliance while allowing employees to share relevant content, measure

impact and increase engagement. Socialite helps Financial Advisors share

relevant and pre-approved content, ensure authenticity of voice, measure

impact and increase engagement to grow their business. Socialite controls

access to more than 200 features across social networks but can also

moderate, manage, and archive any social media traffic routed

through the solution.

Page 7: APAC compliance and legislative requirements for social media

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This document is for informational purposes only. Actiance makes no warranties, express or implied, in this document. Complying with all applicable copyright laws is the responsibility of the user. Without limiting the rights under copyright, no part of this document may be reproduced, stored in or introduced into a retrieval system, or transmitted in any form or by any means (electronic, mechanical, photocopying, recording, or otherwise), or for any purpose, without the express written permission of Actiance, Inc.

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