SIFMA provides comments to the Rhode Island State Senate Majority Leader expressing its concerns about proposed social media legislation, SB 493, as currently drafted. 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 SB 493 is well-intentioned, it would, if enacted, 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.