finra compliance chat text messaging apps

However, if the communication does pertain to the firm’s products and services, then the content is subject to FINRA Rule 2210. For example, an advisor may share their firm’s post about a charity event that the company sponsors. Advisors can share firm information that is not related to their firm’s product or services without becoming subject to FINRA Rule 2210. Firms that communicate or allow advisors to communicate through text messaging or chat services for business purposes must retain records of those communications, in compliance with SEC and FINRA rules. Also, firms must train and educate their advisors regarding the distinction between business and personal communications, and the requirements to retain, supervise and produce business communications.

Firms are reminded of their obligation to keep records of business communications under SEA Rule 17a-4(b)(4). The Notice also reminds firms of the recordkeeping, supervision, and content requirements for such communications. In light of the emerging technologies and communications, FINRA recently published Regulatory Notice 17-18: Social Media and Digital Communications, providing further guidance on the FINRA rules governing social media and text messaging communications for member firms.įINRA’s updated guidance further clarifies the rules governing communications with the public via social media, and the use of personal devices for business communications. Many financial services firms still struggle to understand and fully embrace social media and mobile communication rules.

Finra compliance chat text messaging apps