The Financial Industry Regulatory Authority (FINRA) has issued further guidance to explain its earlier published rules, Notice 10-06, addressing questions from financial companies on the usage of social media networks to promote businesses, as well as employees' use of those Websites.

In the 8-page release, the agency further elaborates on issues it highlighted in a previous regulatory notice. Some of the issues presented in the guidance arise from confusion among companies in regard to recordkeeping of communications through social media Websites, companies' supervision roles to enforce appropriate use of the media, and deterrence of the addition of links to non-credible third party Websites. Companies must also verify the accuracy of data feeds received on their Websites from third-party providers. 

“Since its publication, firms have raised additional questions regarding the application of the rules,” said the agency in a statement. According to FINRA, the additional guidance issued to the public is only intended to provide further clarification on rule implementation. The core principles of the earlier published rule remains the same.

The guidance also provides a supplementary questions and answers section to further highlight the common questions FINRA has received from members since the publication of Notice 10-06.