SIFMA Submits Comments to the Colorado Senate Labor Committee on Social Media Legislation

SIFMA submitted the attached comments to the Colorado State Senate Labor Committee in opposition of social media legislation HB 1046, arguing that the legislation would prohibit employers from requiring that current or prospective employees provide employers with access to their personal social media accounts.

In the letter, SIFMA asserts that while the securities industry has no interest in accessing employee accounts that are used exclusively for personal use, the problem is that many people use the same account for both personal and business activity. SIFMA states that the legislation conflicts with the duty of broker-dealers to "supervise, record, and maintain business-related communications as required by both the FINRA and by state law."

Click hereto view letter in full (links externally to SIFMA website).Related News: "SIFMA Submits Comments to the Rhode Island State Senate Majority Leader and Judiciary Committee on Social Media Legislation" (March 26, 2013).