What To Know About IIROC Text Archiving



As a businessperson, you probably already understand the important role that social media plays when it comes to improving your business operations. In the last decade, social media played an integral role in revolutionizing the business landscape. It has become a very important tool for employee communications.

Due to the increased usage of social media in companies, financial regulatory authorities around the world have established various strong regulatory mechanisms to make sure that social media communications with clients and investors are being captured, retained and supervised by financial firms. A good example is the IIROC regulatory notice 11-0349 from the Investment Industry Regulatory Organization of Canada. This notice was implemented in 2011 and it replaced the MR0281 notice from 2004. It is aimed at assisting members to meet the compliance requirements of Rule 29.7.

The IIROC text archiving notice notes that whether a text message is business-related, and therefore captured by archiving requirements, is dependent on the content of communication and not the channel or device that is used to communicate that message. So if you own a financial firm, it is important for you to invest in an archiving system that has record retention and retrieval capabilities that will enable you to capture permitted communications such as content posted on social media sites from all types of devices that are being used by your employees.

The IIROC text archiving notice also states that dealers must establish procedures and policies that will allow them to supervise mobile communications within the workplace and ensure that their clients are protected from fraudulent or misleading communications from their employees. Failure to do this may lead to hefty fines and penalties.
To make it easier for dealers and advisers to remain compliant, IIROC recommends companies to use the following strategies that they developed: pre-use approval, post-use sampling and post-use review. IIROC also provides guidance on using these strategies with regards to the social media websites that are used for business purposes.
For more info on IIROC text archiving, visit our website at https://telemessage.com/

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