Facebook challenges financial regulators

Wall Street bankers and analysts increasingly want to use social networking to connect and interact with customers, Richard Ketchum, the chief executive of the Financial Industry Regulatory Authority (FINRA) said.

But as these sites are currently designed they may not allow firms to keep the kind of archives of their employees' business communications required by regulators, Ketchum told industry group Securities Industry and Financial Markets Assocation's (SIFMA) annual meeting.

via reuters.com

More reasons to move into some dimensions of social media strategically and cautiously. It's also worth listening to Eric Schwartzman's outstanding podcast with two former SEC staffers about just what the regulatory agency's "guidance" on the use of the Web for Reg FD compliance really means: http://www.ontherecordpodcast.com/pr/otro/podcast-post.aspx?id=2213

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Comments (1)

Nov 06, 2009
Eric Schwartzman said...
It usually takes me a little while to know what I really learn from my podcasts, and what I learned from this one is that nonselective disclosure translates to nonselective engagement in social media communications because of the legal "duty to update," as Brian Lane of Gibson Dunn so aptly explains about 31 minutes into the discussion at http://bit.ly/4vtND. Wouldn't it be great if you could post deep links into an MP3 or MP4 file?

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About

I'm Shel Holtz, principal of Holtz Communication + Technology, consulting with organizations to enhance their online communications since 1996. I have more than 30 years of experience in organizational communication, including stints as corporate communications director at two Fortune 500 companies. I'm a founding fellow of the Society for New Communications Research (SNCR) and a fellow and Accredited Business Communicator through the International Association of Business Communicators (IABC).

I've written or co-written six books on communication, including "Public Relations on the Net," "Corporate Conversations," "Blogging for Business" and "Tactical Transparency."

Since January 2005, I have co-hosted the twice-weekly PR-focused podcast, "For Immediate Release," with my colleague and friend, Neville Hobson.

For information on consulting and speaking engagements, visit my website, www.holtz.com.