Financial Services Communications and Social

In a November 27th, 2013 news story from Bloomberg, authors Elena Logutenkova and Gaurav Panchal discuss the recent move by UBS to ban multibank social chat rooms, with other large banks taking similar actions.  This comes as a result of regulatory investigations in the manipulation of benchmark interest rates and foreign-exchange markets.

According to Bloomberg, a memo from UBS to its traders states, “Recent events within our industry serve as a serious reminder to be mindful at all times to use appropriate language and behavioral standards in all of our communication, no matter the channel.”  From now on, any requests for exceptions for use of a multibank chat room needs to be approved by an executive committee member and compliance officer responsible for the specific business, and a managing director would be a permanent member of the chat and act as a moderator responsible for its content.

Broker Dealer email has been collected, archived and monitored and for several years.  As a result, instant messaging became a popular way for traders to communicate, but it too quickly fell under the same requirements for monitoring of electronic communications.  It seems now that social media communications will follow suit.

Tracking and monitoring electronic client communications has grown into a huge issue for BD and RIA compliance professionals.  Tools that help identify client communications and their content can be very helpful for the compliance department.  That is one area where FormVerse can help!

Using FormVerse’ Active Structured Email™ technology, compliance professionals can quickly identify which messages are client communications and sample/review an appropriate number.  In addition, FormVerse can also streamline the process of filling out those compliance forms that client reps find so tedious.  Visit our website view a short video to understand how it works.  www.formverse.com/compliance