Finance Concerned New Laws Conflict with FINRA Regs
SOCIAL NETWORKING—U.S.October 10, 2012
New laws passed in some states and proposed in others prohibiting employers from requiring social media passwords from employees and applicants have the financial industry questioning whether they conflict with the communications monitoring required by the Financial Industry Regulatory Authority (FINRA), reports Compliance Week. Many employees use one account for both personal and business uses, and under FINRA regulations, personal accounts used for business are to be treated as business accounts. One expert says such concerns about the California law may be an overreaction, however, as the law allows access to employees’ social media accounts for investigations of misconduct and violations of laws and regulations.