The delete key is no longer an option for removing sketchy financial content from social networks and blogs, as PageFreezer announced that it now has the ability to capture and preserve social media and blog activity, meeting the request in a recent regulatory notice from the Financial Industry Regulatory Authority.
In the regulatory notice, FINRA stated that records of all business-related electronic communications must be retained, as per Rules 17a-3 and 17a-4 under the Securities Exchange Act of 1934, and FINRA chairman and CEO Rick Ketchum pointed out the “new regulatory challenges” presented by blogs and social media.
PageFreezer executive director Michael Riedyk said the company’s new technology can capture every component of blogs, Twitter feeds, Facebook profiles, LinkedIn recommendations, and other social media communications, adding:
It’s not just the large financial companies and institutions that need to consider their social networking activity from a compliance standpoint. 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.