On August 18 2011, the Financial Industry Regulatory Authority, Inc (Finra) issued Regulatory Notice 11-39 providing guidance to its broker-dealer members on social networking websites and business communications.

The notice represents Finra’s first update to its guidance on social media since the release of Regulatory Notice 10-06 in January 2010. Regulatory Notice 10-06 provides guidance on the application of Finra rules governing communications by Finra member firms with the public through social media sites, and reminds member firms of certain requirements relating to those communications.

According to Finra, Regulatory Notice 11-39 was issued to respond to questions raised by firms after Finra issued Regulatory Notice 10-06, and to clarify the application of Finra’s rules to social media technologies. The notice includes a series of questions and answers relating to long-standing Finra regulations governing communications, and new applications thereof.