New York State Senate & Assembly Social Media Legislation
Published on:
February 28, 2013
SIFMA provides a memorandum to the New York State Senate and Assembly opposing certain social media legislation, S. 1701 (Grisanti) in the Senate Labor Committee, S. 2434 (Klein) in the Senate Labor Committee and A. 443 (Dinowitz) in the Assembly Labor Committee. This legislation would, among other things, prohibit employers from requiring that current or prospective employees provide employers with access to their personal social media accounts.
SIFMA believes that while the bills are well-intentioned, they conflict with the duty of broker-dealers to supervise, record, and maintain business-related communications as required by both the Financial Industry Regulatory Authority (“FINRA”) and by state law.