- FINRA Provides Guidance on Use of Social Media to Communicate with the Public
The Financial Industry Regulatory Authority (“FINRA”) has issued new guidance to securities firms and brokers on the use of social media to communicate with the public. The new guidance responds to questions raised about FINRA’s January 2010 guidance on the application of FINRA rules governing communications with the public to social media sites.
Nutter Notes: The new social media guidance provides additional information about recordkeeping requirements, internal supervision requirements, links to third-party websites and procedures for monitoring data feeds on the firm’s own website.
• Federal Reserve Proposes 2-Year Phase-In for SLHC Regulatory Reports
The Federal Reserve issued a proposal on August 22 to phase in most savings and loan holding company (“SLHC”) regulatory reporting requirements with the Federal Reserve over a 2-year period. Public comments on the proposal are due by November 1.
Nutter Notes: The proposal would exempt some SLHCs from initially filing Federal Reserve regulatory reports. Exempt SLHCs would continue to submit Schedule HC, which is currently a part of the Thrift Financial Report, and the OTS H-(b)11 Annual/Current Report