Transcript IIROC 2012 CLS Annual Compliance Conference
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
Dan Bowering, Chief Compliance Officer, Macquarie Private Wealth Silu Modi, Vice President, Digital Marketing, Macquarie Private Wealth Rob Brush, Crawley Meredith Brush Mackewn LLP Image: http://www.arikhanson.com/2011/05/05/how-to-conduct-a comprehensive-social-media-audit/ Moderators: Shailesh Ambike Denise Carson
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
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
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
Communications: Review, Supervision and Record-Keeping
• IIROC Rule 29.7: Advertising, sales literature and correspondence • NI 31-103: Requirements General Record Keeping • Pre-review and approval • Post-use review and/or sampling • Record Retention
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
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 evolve …” social media websites
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
Classifying Communications
Static Social Media Content vs. Interactive Social Media Content
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
Static Social Media Content
• Wall, background and profile information • Akin to template advertising • Requires pre-review and supervision
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
Interactive Social Media Content
• Instant messaging • Facebook wall • Comments
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
Static and Interactive Content
Static Content Interactive Content
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
The Problem with Third Parties
Hey – what are you up to?
User: 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
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
The Problem with Third Parties
Hey – what are you up to?
User: 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.
Screen Capture 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
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
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
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
Social Media Policies and Procedures • Who • What • From Where • How
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media
Permitted Users
• Training • Compliance History • Ongoing Supervision
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media Image credit: http://www.floodlight.ca/internet marketing-kelowna/social-media /
Which Platforms?
• Privacy Policies • Ability to control and delete user content • Ability to control and delete third party content • Record-keeping
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media • Firm-owned devices • Personal computers • Smartphones • Supervision • Record-keeping
From Where
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
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media • Regulated communication • Permitted communication • Third party communication • Supervision • Corrective Action • Record Keeping
How
Image: http://www.smartpassiveincome.com/blog-post checklist-after-publish/
Dan Bowering Silu Modi Rob Brush
IIROC 2012 CLS Annual Compliance Conference
Regulatory Compliance in the Age of Social Media