The Financial Industry Regulatory Authority published guidance, including frequently asked questions, regarding the use of social networking websites by member firms and their registered representatives. Among other things, FINRA reminded members that they must be able to retain all records of interactions between their registered representatives and investors related to the firm’s business that occur on text messaging applications and chat services. FINRA’s FAQs also addressed a member firm’s responsibilities when it provides links to independent third-party content, including when such third party itself provides links to other third-party content. In its guidance, FINRA indicated that a registered representative that “likes” an unsolicited favorable comment about him or her on social media adopts such testimonial; the testimonial then becomes subject to FINRA’s communication rules, including its prohibition on the use of incomplete or misleading statements. (Click here to access FINRA Rule 2210 Interpretive Guidance FAQs and here to access FINRA Rule 2210.)