Opposing AB 1844 Unless Amended

SIFMA provides comments to the California State Assembly opposing AB 1844, as currently drafted.  SIFMA believes that while AB 1844 is well-intended, it conflicts with the duty of securities firms to supervise, record, and maintain business-related communications as required by the Financial Industry Regulatory Authority (FINRA). If this bill passes in its current form, firms will be in the untenable position of having to violate either state law or their FINRA obligations.  SIFMA recommends amending the bill such that there would be an exception for financial services employees that use their social media accounts for purposes of business and are already subject to federal, state, an self-regulatory organization supervision.