The financial services sector is at the forefront of developing guidelines for new forms of electronic communication. Actiance has been a leader in this vertical, having advised the SEC on changes to Rules 17a-3 and 17a-4 to incorporate social media. It is widely expected that other verticals, such as pharmaceuticals and energy/utilities, will follow suit and update existing guidelines to address social media. Until that time arrives when all industries have social media-specific rules on the books, the recommended best practice is to craft and disseminate a social media policy, enforce it, supervise communications when appropriate, and to log and archive all activities and content posted to the social networks.

1. APAC Compliance
and Legislative Requirements
for Social Media
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2. Given the rapid rise of the business use of social media within the
workplace, Actiance has developed this reference guide on the
key global legislative and regulatory provisions governing social media
communications. Through this enhanced understanding, organizations
can better develop or refine their compliance strategies as well as
identify the necessary technology solutions crucial to meeting their
Table of Contents compliance requirements.
4 Financial Services
Regulatory bodies throughout the world have begun to issue social
6 Healthcare
media-specific guidelines. For instance, the US and Australia have
7 Energy and Utilities issued such guidelines over the past couple years. Other countries,
8 Pharamceuticals such as the UK and India, have rules that implicitly include social
media. Thus, social media interactions are just another form of
9 Cross-Industry Considerations
electronic communication to be treated no differently than other types
of electronic communication (e.g., email).
The financial services sector is at the forefront of developing guidelines
for these new forms of electronic communication. Actiance has been a
leader in this vertical, having advised the SEC on changes to Rules
17a-3 and 17a-4 to incorporate social media. It is widely expected that
other verticals, such as pharmaceuticals and energy/utilities, will follow
suit and update existing guidelines to address social media.
Until that time arrives when all industries have social media-specific
rules on the books, the recommended best practice is to craft and
disseminate a social media policy, enforce it, supervise communications
when appropriate, and to log and archive all activities and content
posted to the social networks.
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3. FINANCIAL SERVICES FINANCIAL SERVICES
Country Regulation Excerpt Impact Country Regulation Excerpt Impact
Australia: Advertisements should give Advertising to prospects and Singapore: A holder of a capital markets Specifies the length of time
Australian Securities balanced information so that customers must be clear and Securities and services licence shall that the records maintained by
AU & Investments consumers can understand unambiguous SG Futures Act retain such books as may be a holder of a capital markets
Commission the nature of the financial required to be kept under this services licence must
product or advice service being Chapter 289, Act for a period of not less be preserved.
Regulatory Guide advertised. Section 102 (3) than 5 years.
234.29
Singapore: A holder of a capital markets A tamper-proof retention
Securities and services licence shall take mechanism must be employed
Australia: Promoters should consider the A reader should be able SG Futures Act reasonable precautions to to ensure integrity of data.
Regulatory Guide overall impression created by to ascertain the gist of an prevent falsification of the
AU 234.116 the banner when viewed by advertisement when viewed Chapter 289, books required to be kept by
itself for the first time. for the first time on its own Section 112(1)(a) it under this Act and to
(i.e., without having to click and (b) facilitate the discovery of
through to another website or any falsification of any
document). such book.
Securities and SEBI’s mission is to protect SEBI has three functions
Exchange Board of the interests of investors in rolled into one body: quasi-
Australia: Promoters should carefully Physical limitations of specific IN India (SEBI) securities and to promote legislative, quasi-judicial,
Regulatory Guide consider the appropriateness media (e.g., character limits of the development of, and to and quasi-executive. It drafts
AU 234.118 of some new media channels if Twitter) cannot be used as an regulate, the securities market regulations in its legislative
content limitations mean that excuse for creating misleading and all related matters. capacity, it conducts investiga-
there is insufficient space to advertisements. tion and enforcement action in
provide balanced information. its executive function, and it
passes rulings and orders in its
judicial capacity. Though this
makes it very powerful, there
is an appeals process to
create accountability.
Circular ISD/1/2011 Access to Blogs/Chat forums/ Business-related
Messenger sites, etc., should communications via electronic
New Zealand: Advertisement by financial ad- A financial adviser must be IN either be restricted under media, such as blogs, social
Financial Advisers viser must not be misleading, clear and unambiguous in its supervision or access should media, etc., must be
NZ Act 2008 deceptive, or confusing advertising to prospects and not be allowed. supervised, logged, and
customers. archived.
Section 35 Logs for any usage of such
Blogs/Chat forums/Messenger
sites (called by any nomen-
clature) shall be treated as
records and the same should
be maintained as specified
by the respective Regulations
which govern the concerned
intermediary.
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4. HEALTHCARE ENERGY AND UTILITIES
Country Regulation Excerpt Impact Country Regulation Excerpt Impact
Australia: A person who is, or has been, a Ensure a person’s privacy is Australia: Name the legal entity or Record retention requirement
Health Practitioner person exercising functions un- protected Australian Energy entities in which the separate
AU Regulations Agency der this Law must not disclose AU Regulator (AER) accounts are reported, main-
to another person protected tained and kept for the ser-
information. National Gas Law vices provided by each covered
Section 27(1)(a), pipeline owner or operator.
Attachment 1 (2.3b)
Australia Guidelines on social media as Practical guidelines to assist New Zealand: The Electricity Authority Record retention requirement
and New Zealand: a joint initiative between AMA, doctors and medical students Electricity Authority may require an industry
AU Australian Medical NZMA, NZMSA, and AMSA to continue to enjoy the online AU participant to provide, within
Association (AMA), world, while maintaining Electricity Industry any reasonable time specified
New Zealand 1. Be Careful About What You professional standards. Act 2010, by the Authority, any informa-
NZ Medical Association Say and How You Say It NZ Section 46 tion, papers, recordings,
(NZMA), 2. Keep Your Friends Close Focus on: Confidentiality, and documents that are in
and Others...Not So Close Defamation, Doctor-patient the possession, or under the
New Zealand boundaries, Colleagues’ online control, of the participant
Medical Students’ 3. Consider the Destiny of conduct, Extent of access to and that are requested for
Association Your Data your information, Background the purpose:
(NZMSA), 4. Take Control of Your Privacy checks, Other employment
5. Are You Maintaining issues, University regulations,
Australia Professional Standards and Privacy settings
Medical Students’ Online?
Association (AMSA)
Singapore: Regulates public health Guidelines for theprotection Singapore: The Authority shall cause to Record retention requirement
Ministry of Health and safety, including the of confidential information Energy Market be entered in the register (a)
SG healthcare profession, and advertising practices SG Authority the provisions of every licence
healthcare practices / or exemption granted to any
establishments as well as Electricity Act, person under Part III and the
statutory boards charged Chapter 89A, details of every licence or
with these responsibilities. Section 101 (2a-c) exemption revoked; (b) the
details of any modification to
the conditions of an electricity
licence; and (c) any other
matters as the Authority
thinks fit.
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5. PHARMACEUTICALS CROSS INDUSTRY CONSIDERATIONS
Country Regulation Excerpt Impact Country Regulation Excerpt Impact
Australia: Certain advertisements Unsolicited testimonials for Singapore: Commercial messages should Applies to any commercial
Therapeutic Goods directed at consumers require certain products and drugs, Code of Advertising only be posted to news groups, communications over the
AU Administration approval prior to broadcast or if posted on social media, and SG Practice, forums, bulletin boards or blogs Internet, including social
(TGA) publication. that appear on the walls of a Appendix D that bear some relation to the media.
medical brand page or profile content of the commercial
Advertising to consumers are immediate violations of message. Off-topic commercial
is permitted for the major- TGA guidelines and must be messages are only appropriate
ity of medicines available for deleted. when the conference adminis-
over the counter sale, while trator or systems operator
advertising prescription-only has specifically made such
and certain pharmacist-only messages allowable.
medicines to the general
public is prohibited.
New Zealand: Require any advertisement Can theoretically apply to
New Zealand for a medicine to include all forms of electronic
NZ Medicines and consumer information about communication, including
Medical Devices any appropriate precautions, social media
Safety Authority contra-indications and adverse
effects of that medicine.
Medicines Act
1981, Sections - State this information in
56-62 a form that is both relevant
to, and easily understood
by, the consumer
- Prominently direct the
consumer to an easily
accessible source of
appropriate additional
information.
Singapore: Prohibits certain advertisements Applies to all forms of
Health Sciences relating to medical matters electronic communication,
SG Authority and to regulate the sale of including social media
substances recommended
Medicines as a medicine.
(Advertisement
and Sale) Act,
Chapter 177
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6. Socialite
The Socialite platform helps Financial Institutions protect brand and ensure
compliance while allowing employees to share relevant content, measure
impact and increase engagement. Socialite helps Financial Advisors share
relevant and pre-approved content, ensure authenticity of voice, measure
impact and increase engagement to grow their business. Socialite controls
access to more than 200 features across social networks but can also
moderate, manage, and archive any social media traffic routed
through the solution.
About Actiance
Actiance helps organizations manage, secure and ensure compliance across
unified communications, collaboration, and Web 2.0 applications such
as blogs, wikis and social networks. Actiance’s award-winning platforms
are used by 9 of the top 10 US banks and nearly 300 FINRA-regulated firms
firms globally. The Actiance platform allows organizations to gain visibility
of applications in use, apply usage and content policies, ensure compliance,
and gain valuable insights across the communications and collaboration
channels in use. Actiance supports all leading social networks, unified
communications, and collaboration providers and IM platforms, including
Facebook, LinkedIn, Twitter, Google, Yahoo!, AOL, Skype, Cisco, Microsoft,
Jive, and IBM. Actiance is headquartered in Belmont, California.
For further information or if you’d like to arrange an evaluation,
please visit our website at www.actiance.com. You can also contact us at
888.349.3223 or email us at info@actiance.com.
Insurance and Social Media |
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7. Worldwide Headquarters Asia-Pacific
1301 Shoreway, Suite 275 +61 418 823 843 phone
Belmont, CA 94002 USA mveitch@actiance.com
(650) 631-6300 phone
info@actiance.com
This document is for informational purposes only. Actiance makes no warranties, express or implied,
in this document.
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or for any purpose, without the express written permission of Actiance, Inc.
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