In what may be a sign of a tightening of regulation of social media use by investment advisors, the Securities Division of the Massachusetts Secretary of State’s Office is issuing new guidelines and best practices standards that will go into effect next year.
Steven Selby, director of regulatory services at LIMRA, a Connecticut-based insurance and financial industry research organization, said, “Now, with more financial advisors using social media to communicate with their customers, we are seeing state regulators take a closer look at how and what they are communicating. We expect a number of states to follow Massachusetts’ lead.”
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