When a financial advisor takes to Twitter to update their customers on what they had for lunch, is that a so-called required record that must be saved and archived by the financial services firm that employs them?
How the answer to that question continues to take shape going forward will determine just how rigorous firms need to be in archiving social media communication. Social media record keeping may become a larger challenge for firms as they keep pace with regulatory rules, Bank of America Merrill Lynch executive Douglas G. Preston said Wednesday at the Securities Industry and Financial Markets Association’s Social Media Seminar in New York.
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