Financial companies and brokers can ensure compliance by archiving social media activity.
PageFreezer, a leading cloud solution for preservation of dynamic web content, has announced capability for capturing and storing social media and blog activity. This feature appeals to securities traders, registered representatives (RIAs), banks, and others in the financial services sector due to recent advisement by the Financial Industry Regulatory Authority (FINRA) that even social media content can be considered “business as such” and falls under regulatory requirements for record-keeping.
In the regulatory notice concerning blogs and social networking sites, FINRA stated that firms must retain records of all business-related electronic communications to remain compliant with Rules 17a-3 and 17a-4 under the Securities Exchange Act of 1934. Rick Ketchum, FINRA Chairman and CEO, noted in a news release that social networking sites and blogs “raise new regulatory challenges” and that all financial firms and RRs should implement policies to ensure compliance by retaining records of communications made through social networking sites.
Michael Riedyk, Executive Director with PageFreezer, says he recognized the need for an archiving solution that would allow for the capture of every aspect of a social media site: blogs and the comments within them, Twitter feeds, FaceBook, LinkedIn recommendations, and so forth. “It’s not just the large financial companies and institutions that need to consider their social networking activity from a compliance standpoint,” Riedyk commented. “The individuals in the financial sector -- investment advisors and the like -- must comply with their firm’s retention policies. PageFreezer is an affordable solution and it gets the job done perfectly.”
For the financial industry, a “perfect” archive needs to fill a tall order. Records must be kept in such a way that they can be reproduced quickly if required, and they must be preserved in whatever medium they were originally produced. Further, records must be kept for periods of up to seven years and they must bear proof of “data integrity and authenticity” (proof that the record has not been tampered with and is a faithful copy of the original). PageFreezer meets these requirements, even for social media content, by stamping each page with a digital timestamp and signature, then storing it in a complete and searchable format on a fault-tolerant cloud.
The challenge for financial companies in the Information Age is balancing the use of unprecedented technologies with the proper management of the electronic content that runs through these new communication channels. That is the challenge that PageFreezer effectively addresses with the capture and regulation-compliant storage of websites and social media content.
PageFreezer.com is a leading SaaS provider of social media & website archiving solutions by globally operating software company, PageFreezer Software, Inc., with offices in Seattle, Vancouver, Amsterdam and Brussels. PageFreezer provides website retention solutions for regulatory compliance and litigation protection to Government, Food, Pharmaceutical, Financial and Insurance companies. PageFreezer operates as a stand-alone SaaS version of website and social media archiving technology.