Akin Gump Attorneys Examine Conflicting Social Media Regulations’ Impact on Financial Institutions
Bloomberg BNA’s Social Media Law & Policy Report has published the article “CATCH-22.COM: Conflicting Social Media Regulatory Regimes and the Impact on Financial Institutions,” written by Richard Rabin and Alice Hsu, both partners; Francine Friedman, senior policy counsel; and Renuka Drummond, counsel, in Akin Gump’s social media task force.
The article discusses the challenges broker-dealers and other financial advisory firms encounter in their efforts to monitor the “business-related” activities of their employees and associated persons on social media, as required by the Financial Industry Regulatory Authority (FINRA). The authors also examine the limits put in place by the National Labor Relations Board and various state laws on a company’s ability to monitor or restrict its employees’ social media usage. The article addresses steps companies can and should consider in light of the conflicting regulatory regimes.
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