Health Insurance Portability and Accountability Act of 1996 (HIPAA)
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) was adopted to ensure health insurance coverage after leaving an employer and also to provide standards for facilitating health-care–related electronic transactions. To improve the efficiency and effectiveness of the health-care system, HIPAA included administrative simplification provisions that required DHHS to adopt national standards for electronic…
Gramm-Leach-Bliley Act (GLBA)
Title V privacy regulations for banks, near banks, financial institutions, and insurance firms. In 1999, the Gramm-Leach-Bliley Act was put into law to protect consumers’ financial private information GLBA updated the practice and policies for individual consumers to control the use of their private information as well as the requirement to secure and protect such…
FINRA RULE 4511: General Requirements
FINRA Rule 4511 provides general recordkeeping requirements for FINRA’s financial and operational rules. These recordkeeping requirements clarify that firms are required to: (1) make and preserve books and records as required byt the Securities Exchange Act (SEA), applicable SEA rules, and FINRA; and (2) preserve books and records required to be made per FINRA rules…
FINRA Regulatory Notice 12-29
FINRA Regulatory Notice 12-29, SEC Approves New Rules Governing Communications With the Public, includes details on the new SEC-approved FINRA rules governing broker-dealers’ communication with the public. The rules went into effect on February 4, 2013. Included in the changes is a reduced number of communication categories from six down to three: retail communication, institutional…
FINRA Regulatory Notice 11-39
FINRA Regulatory Notice 11-39 (guidance on social networking websites and business communications) is a response to January 2010’s FINRA Regulatory Notice 10-06, addressing questions regarding the application of the rules since 10-06’s publication. The notice is presented in Q&A format and covers four sections: recordkeeping, supervision, third-party posts, third-party links and websites, and accessing social media sites…
FINRA Regulatory Notice 11-32
Regulatory Notice 11-32 provides questions and answers from FINRA regarding the application of the new rule to assist member firms in the implementation of new FINRA Rule 4530 requirements (as explained in FINRA Regulatory Notice 11-06). In addition, FINRA Regulatory Notice 11-32 provides the definition of tweets and text messages being “written” material. Helpful Links:…
FINRA Regulatory Notice 10-59
FINRA Regulatory Notice 10-59 includes amendments to FINRA rule 8210 which requires broker-dealers to: Encrypt electronic data on physical media (CD-ROMs, portable hard drives, flash drives) sent to the self-regulatory organization. Provide FINRA staff with the confidential decryption process or key in a separate communication. The effective date of these amendments was December 29, 2010.…
FINRA Regulatory Notice 10-06
Americans are increasingly using social media Web sites, such as blogs and social networking sites, for business and personal communications. Firms have asked FINRA staff how the FINRA rules governing communications with the public apply to social media sites that are sponsored by a firm or its registered representatives. This Notice provides guidance on blogs…
FINRA Regulatory Notice 07-59
Similar to FINRA Regulatory Notice 10-06, FINRA Regulatory Notice 07-59 is titled “Supervision of Electronic Communications.” This regulatory notice provides guidance regarding the review and supervision of electronic communications. Key observations: “…a member firm’s obligations to supervise electronic communications are based on the content and audience of the message, rather than the electronic form of the…
FINRA Guide to the Web for Registered Representatives
The Financial Industry Regulatory Authority (FINRA) has a page on their website to make registered representatives aware of the potential liabilities and compliance requirements when using electronic communications and the Web for business purposes. Specific considerations for electronic communication include email, instant messaging and websites including social networking sites, blogs, bulletin boards and personal devices.…
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