social media and regulated industries - nyu smi talk by joyce sullivan, july 2013

Social Media & Regulated Industries

Created and presented by:Joyce SullivanFounder and CEOSocMediaFin, Inc.

Exclusive presentation for

July 24, 2013

3rd Annual NYU-SCPS

Social Media Marketing Intensive New York UniversitySchool of Continuing and Professional Studies11 West 42nd Street, Room 1027New York, NY 10036

http://socmediafin.com/

http://linkedin.com/in/joycemsullivan


@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





@JoyceMSullivan #nyuSMI4

Council of Economic Advisors, February 2012 report

US Industry Trends: Shrinking and Growing Industries 2007 - 2011

http://www.whitehouse.gov/blog/2012/02/17/preview-2012-economic-report-president

http://blog.linkedin.com/2012/03/08/economic-report/

http://blog.linkedin.com/2012/03/08/economic-report/



Social Media Strategy for Financial Servicesfor 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


Great skills, great products, excellent company to work with, outstanding service


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?



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



http://twitter.com/joycemsullivan

http://youtu.be/JNxoTrMrGBs


Social Media Tools – established and emerging

And many more…

20062004

2011

2005Launched: 2002

20112009 2009



US Government Services – HowTo.Gov

http://howto.com/social-media


http://howto.gov/social-media


Twitter Town Hall ChatsBest Practices for Federal Agencies HowTo.Gov

http://www.howto.gov/social-media/microblogging/twitter-town-hall-best-practices


http://howto.gov/social-media/microblogging/twitter-town-hall-best-practices


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

http://twitter.com/glengilmore

http://socialmedialawtoday.com/?p=61








US Regulations and Guidance: Use of Social MediaInvestment Advisors and Broker-Dealers

Recordkeeping it’s the content that mattersAll 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)

Disclosures proper 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 standardsSuitability – know your customer, only make recommendations suitable for your clients

Supervision firms must demonstrate they are supervising written communications

Training registered 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




SEC Rule 17a-4 Amendments to Books and Records Requirements for Brokers and Dealers Under the Securities Exchange Act of 1934http://www.sec.gov/rules/final/34-44992.htmEffective: May 2, 2003

Same recordkeeping requirements with guidance for electronics records

http://www.sec.gov/rules/final/34-44992.htm



http://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf

Same recordkeeping requirements with guidance for social media and electronic devices


http://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf



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/Industry/Regulation/Notices/2007/P037554

http://www.finra.org/industry/regulation/notices/2010/p120760





http://finra.org/aboutfinra


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




How to get started with a social media pilot program



Social Media Pilot Project PlanningInclude 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, 2012Hilton Garden InnAustin, Texas USA

Anna O'BrienUK

Joyce SullivanUSA

Liz LumleyUK

Sarah CarterUSA

Simone McCallumNZ

@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

http://storify.com/joycemsullivan/sxsw-interactive-2012-financial-services-and-techn







Suggested Next Steps Social media policy

Become familiar with existing social media policy – if there is oneGet to know group working on social media training and policy developmentVolunteer to partner with a team working on social media planning

Social media trainingInclude social media training for employees and staffTypes of social media training you’re looking forAssist 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 basicsGet to know your legal and compliance departmentDiscuss how together you can come up with a pilot programEngage senior stakeholders and functional groups for a pilot

Keep up with the competitive landscapeParticipate 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

Twitter http://twitter.com/joycemsullivan

Website http://socmediafin.com

email: [email protected]

31

Joyce


http://about.me/joycemsullivan

http://twitter.com/joycemsullivan


mailto:[email protected]?subject=Thank%20you%20for%20the%20JPMorgan%20Chase%20SMART%20session



Social Media & Regulated Industries

Created and presented by:Joyce SullivanFounder and CEOSocMediaFin, Inc.

Exclusive presentation for

July 24, 2013

3rd Annual NYU-SCPS

Social Media Marketing Intensive New York UniversitySchool of Continuing and Professional Studies11 West 42nd Street, Room 1027New York, NY 10036


