regulatory compliance in the age of social media image: comprehensive-social-media-audit/ dan...
TRANSCRIPT
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
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
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
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
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
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…”
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
Classifying Communications
Static Social Media Content
vs.
Interactive Social Media Content
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
Static Social Media Content
• Wall, background and profile information• Akin to template advertising• Requires pre-review and supervision
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
Interactive Social Media Content
• Instant messaging
• Facebook wall
• Comments
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
Static and Interactive Content
Static Content
Interactive Content
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
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
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
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.
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
ScreenCapture
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
The Problem with Third Parties
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
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
Social Media Policies and Procedures
• Who
• What
• From Where
• How
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
Permitted Users
• Training
• Compliance History
• Ongoing Supervision
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
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/
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
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
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
How
• Regulated communication
• Permitted communication
• Third party communication
• Supervision
• Corrective Action
• Record KeepingImage: http://www.smartpassiveincome.com/blog-post-checklist-after-publish/
IIROC 2012 CLS Annual Compliance ConferenceRegulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
Questions?