linkedFA issues FINRA compliance guarantee to Members
Social Networking Site for FAs Demonstrates Confidence in Compliance Technology
linkedFA (www.linkedfa.com), the first social networking site for the financial community to connect, engage and interact with peers, investors and recruiters today issues a compliance guarantee for its US members stating that it agrees to pay fines levied on a financial advisor by FINRA due to any electronic recording keeping violation as a result of the FA’s use of linkedFA. Specifically, this guarantee covers any fine that results from linkedFA’s failure to produce copies of any actual correspondence, media, comments or content shared between a financial advisor and any investor in his or her linkedFA network.
Says linkedFA Founder and President, Jason Bishara: “We are very confident in our technology, in particular, our unique compliance feature which stores all communication and documentation within the FA’s linkedFA network including linkedFA messages, blogs, IMs, documents and videos as per the per the Securities Exchange Act 1934 rules under 17a-3.c. To demonstrate our confidence, we will pay all FINRA compliance fines that are imposed on our members as a result of a failure in our linkedFA compliance tool.”
linkedFA was established in anticipation of the shift in acceptance towards social media for the financial community which includes the publication of FINRA’s guidelines 10-6 to assisting financial firms establish procedures for communicating with the public through blogs and social networking web sites. linkedFA is the first social networking site that complies with regulatory mandates enabling financial professionals to leverage social media to grow relationships with investors. The linkedFA compliance guarantee is governed by terms and conditions which can be found at www.linkedFA.com, applies to all US members and is effective for the lifetime of the membership. linkedFA is currently developing similar compliance guarantees for non-US members.
In further evidence of its compliance commitment, linkedFA recently released a new feature for brokerage firms and wire houses which provides compliance officers with automatic daily reports on FA’s activity. This feature fully supports firm’s internal email capturing and monitoring software.
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