The non-governmental entity which regulates securities firms issued guidance to firms and brokers on the proper use of social networking websites such as Facebook, Linked In, and Twitter. The Financial Industry Regulatory Authority (FINRA), issued Regulatory Notice 10-06 in January 2010 — on the heels of a prior Guide to the Internet for Registered Representatives. Additionally, FINRA had a Social Networking Task Force up and running… and podcasts to provide further explanations.
The Florida Supreme Court and Bar, on the other hand, are still working on Internet advertising regulations for Florida lawyers which they have been kicking around since the pre-Twitter era. FINRA, which handles brokers on a national scale, has repeatedly addressed Internet and social networking issues — touching upon record keeping, advertising, and book/record requirements, according to their press release. Conversely, the Bar has not been user-friendly in getting a clear explanation into the hands of lawyers.