Social Media and Regulated Industries - NYU SMI talk by Joyce Sullivan, July 2013

Social Media &
Regulated Industries
Created and presented by:
Joyce Sullivan
Founder and CEO
SocMediaFin, Inc.
Exclusive presentation for
July 24, 2013
3rd Annual NYU-SCPS
Social Media Marketing Intensive
New York University
School of Continuing and Professional Studies
11 West 42nd Street, Room 1027
New York, NY 10036

@JoyceMSullivan #nyuSMI
Agenda
• Overview and introductions
• The 5 questions℠
• Social media tools – established and emerging
• U.S. compliance and regulation overview
• Getting started with social media training & pilot programs
• Suggested next steps
• Discussion and questions
Social Media & Financial Services

Social Media Strategy and Program
Management Services
oSocial media seminars for regulated
industries, specializing in financial services
oProgram management services – enterprise
business and technology reengineering
oSocial media training and staff development
oIndustry executives and senior leadership
programs in social media
oKeynote speaker for company events and
industry conferences
Visit us >SocMediaFin.com

4
Council of Economic Advisors, February 2012 report
US Industry Trends: Shrinking and Growing Industries
2007 - 2011

Social Media Strategy for Financial Services
for US Firms
• Can you use social media in financial services?
• Are there certain social media tools that are recommended?
• What are the regulations and compliance rules?
▫ The fun stuff - FINRA and SEC regulatory guidance
• Where can you get training to learn social media and financial
services basics?
• Are there steps for creating a project plan including social media?

Before asking “Which social media tools should I use?”
answer these 5 questions℠
1. Who are you?
2. What do you have to say?
3. Who are you trying to reach?
5. Once you connect, then what?
4. How do they WANT to be reached?... or not

The 5 questions℠
1. Who are you?
Employee, business-line owner,
industry executive, wealth
manager, private banker
2. What do you have
to say?
Great skills, great products,
excellent company to work with,
outstanding service
3. Who are you
trying to reach?
Your current customer,
potential new customer,
industry leaders, competitors

The 5 questions℠
4. How do they
WANT to be
reached? ... Or
not.
 Email (home or work)
 Voicemail
 Phone text
 Instant message
 Twitter
 LinkedIn
 Facebook
 (public or private message)
5. Once you are
ready to connect,
then what?
How do you develop
meaningful connections
while complying with
industry regulations?

The 5 questions℠- with your answers
1. Who are you?
2. What do you have to say?
3. Who are you trying to
reach?
4. How do they WANT to be
reached?
5. Once you are ready to
connect, then what?

Paper and electronic communications must be archived

Social media communications
Social media compliance
software needs to be in place to
monitor and archive social
media posts

Social Media Tools – established and emerging
And many more…
20062004
2011
2005Launched: 2002
20112009 2009

US Government Services – HowTo.Gov

Twitter Town Hall Chats
Best Practices for Federal Agencies HowTo.Gov

Social Media Law Today, Glen Gilmore, Esq.
@GlenGilmore
10 Social Media Law & Governance Tips
• 10 Social Media Law & Governance Tips
• HIPAA: What’s Your Hospital’s Social Media Policy?
• Financial Services: LinkedIn Triggers FINRA Social
Media Regulations
• Why your company needs a Social Media Policy

US Regulations and Guidance: Use of Social Media
Investment Advisors and Broker-Dealers
Recordkeeping it’s the content that matters
All business communications whether transmitted by desktop, smart phones (Blackberry, Android, iPhone etc), tablets
(iPads) etc. must be retained
- letters, emails, all written communication
- instant messages, social media messages (LinkedIn email, Facebook posts, Tweets)
- social media activities (Likes on Facebook, Retweets on twitter, posts on LinkedIn)
Disclosuresproper disclosures for relationships you may develop e.g. bloggers, advertisers, affiliates
Advertising static advertising requires preapproval
interactive advertising can be post review but not, “Days after the fact”
Communication with the public must adhere to existing content standards
Suitability – know your customer, only make recommendations suitable for your clients
Supervisionfirms must demonstrate they are supervising written communications
Trainingregistered personal be trained before they start using social media
Similar overall for - FINRA, SEC (US), IIROC (Canada), SEBI (India) and FAS (UK)

Highlights - US Regulations and Guidance:
Record Retention
 Securities and Exchange Commission (SEC) 1934
 Amendments to Books and Records Requirements for Brokers and Dealers
 May 2003
 National Examination Risk Alert - Investment Advisor Use of Social Media
 January 2012

Highlights - US Regulations and Guidance: Record Retention
SEC Rule 17a-4
Amendments to Books and Records Requirements for Brokers and Dealers Under the
Securities Exchange Act of 1934
http://www.sec.gov/rules/final/34-44992.htm
Effective: May 2, 2003
Same recordkeeping requirements with guidance for electronics records

http://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf
Same recordkeeping requirements with guidance for social media and
electronic devices
Highlights - US Regulations and Guidance: Record Retention

Highlights - US Regulations and Guidance:
Electronic Communications & Social Media Use
 Regulatory Notice 07-59 Supervision of Electronic Communications (2007)
 Regulatory Notice 10-06 Guidance on Blogs and Social Media Websites (2010)
 Regulatory Notice 11-39 Guidance on Electronic Devices (2011)
 Regulatory Notice 12-29 New Rules Governing Communications With The Public
(effective Feb 4, 2013)

http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p037553.pdf

http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p120779.pdf

http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p1241
86.pdf

http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p1270
14.pdf

How to get started with a social media pilot program

Social Media Pilot Project Planning
Include at the Business Initiation / Evolution stages
Social media integration 
Identify social media program
key stakeholders and senior
management champions
Pilot proposal

 Integrate social media throughout business and system development life cycle
 Include legal, compliance and social media training teams as key stakeholders

Financial Services and Technology Rockstar Women
March 12, 2012
Hilton Garden Inn
Austin, Texas USA
Anna O'Brien
UK
Joyce Sullivan
USA
Liz Lumley
UK
Sarah Carter
USA
Simone McCallum
NZ
@simonemccallum @LizLum @annaobrien
@SarahActiance @JoyceMSullivan
Twitter hashtags: #sxsw #FTRW

SXSW 2012 Financial
Services &
Technology Rockstar
Women
Five global women –
NZ, UK, US - who work
in financial services
and use social media
for work
http://schedule.sxsw.com/2012/events/event_IAP9392

Suggested Next Steps
Social media policy
 Become familiar with existing social media policy – if there is one
 Get to know group working on social media training and policy development
 Volunteer to partner with a team working on social media planning
Social media training
 Include social media training for employees and staff
 Types of social media training you’re looking for
 Assist pilot team in co-creating social media training modules
 Eventually empower employees to support and protect your brand

Suggested Next Steps
Learn the social media regulatory basics
 Get to know your legal and compliance department
 Discuss how together you can come up with a pilot program
 Engage senior stakeholders and functional groups for a pilot
Keep up with the competitive landscape
 Participate in and attend industry events to stay current

Thank you!
Please connect with me.
I would enjoy hearing from you.
LinkedIn http://linkedin.com/in/joycemsullivan
About.me http://about.me/joycemsullivan
Twitterhttp://twitter.com/joycemsullivan
Website http://socmediafin.com
email: joyce@socmediafin.com
31
Joyce

Social Media and Regulated Industries - NYU SMI talk by Joyce Sullivan, July 2013

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