The Polish Financial Supervision Authority provides guidelines on how to use social media | PRO HR Compliance

2021.09.06

In August of this year the Polish Financial Supervision Authority published its Position on the use of social media by regulated entities and the persons employed by these entities. 

As it appreciates the role played by social media, the Polish Financial Supervision Authority would like to unify the rules for using social media, especially in terms of promoting products and services. The Polish Financial Supervision

Authority points out that a regulated entity is responsible not only for the content it publishes but also for shared or approved content (referred to as “likes”).

In the opinion of the Polish Financial Supervision Authority, the use of social media creates legal and reputation risks. As a result, it is necessary to take compliance-related actions, such as below:

  • conducting and documenting a risk assessment related to the use of social media;
  • developing and implementing a policy on the use of social media;
  • conducting training on using social media;
  • collaborating with the compliance unit on publishing specific content.

The guidelines of the Polish Financial Supervision Authority are not applicable to employees who use their social media accounts for their own private purposes that are unrelated to the activity of a regulated entity. 
 

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