FSA’s stance on the use of social media by supervised entities

24 August 2021. The Office of the Financial Supervision Authority has published a draft position on the use of social media by supervised entities and persons employed by these entities. This initiative is an action implemented as part of the Digital Agenda for Supervision announced in December 2019.

This study is intended as a response to the increasingly popular use of social media by supervised entities. Particularly relevant here is the use of social media when providing information about services provided and products offered. The above position also aims to comprehensively unify the rules for the use of social media by supervised entities.

The draft position of FSA covers the most important issues related to finding oneself in virtual communities by supervised entities. In particular, the published document refers to:

• sharing content and information in social media, cooperation with specialized marketing agencies and so-called influencers,
• storage and archiving of content posted in social media,
• compliance and cyber security.

The draft position also covers practical examples, which in FSA’s opinion are the most typical ways of using social media by supervised entities.

The above draft position paper will now be subject to public consultation to gather any comments on the draft.

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