Connecticut State Senate Social Media Legislation

SIFMA provided comments to the Connecticut State Senate, expressing concern about social media legislation (SB 159) that would prohibit employers from requiring that current or prospective employees provide employers with access to their personal social media accounts.

SIFMA said the securities industry has no interest in accessing employee accounts that are used exclusively for personal use. The problem, however, is that many people use the same account for both personal and business activity.

While SB 159 is well-intentioned, it would, if enacted as drafted, 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.