Yes, FINRA And The SEC ‘Like’ Social Media

“We’ll be out of compliance” is still the major reason that financial services firms block the use of social media for regulated users. However, that fear is contrary to the evolving regulatory landscape. Both the Security and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) state that they see a value in social media as an educational tool for investors. This appreciation for social media was reinforced recently at the LIMRA / LOMA 2014 Social Media Conference for Financial Services, at the “Ask the Regulators!” session. Owen Donley, Chief Counsel, Office of Investor Education and Advocacy and Thomas Selman, Senior Vice President, FINRA discussed how their respective organizations seek to protect investors and generally view social media in a positive light. More on Forbes here.