On August 6, 2014, the UK’s financial services regulator, the Financial Conduct Authority (FCA), issued long-awaited draft guidance on the use of social media in financial promotions by regulated financial institutions.
But if financial services firms operating in the UK were hoping that this guidance would provide them with a clear framework to help jump-start their social media strategies, they will be disappointed. For one thing, the guidance is focused on financial promotions, so firms will need to continue to evaluate all of their social media activities carefully against existing FCA rules.
The proposed guidance – “GC14/6 Social media and customer communications: The FCA’s supervisory approach to financial promotions in social media” (“Guidance”) – is open for consultation until November 6, 2014. The FCA intends to continue discussions with the financial services sector during the consultation period. It has also set up the hashtag #smfca for those wishing to discuss the Guidance on Twitter.
The latest issue of our Socially Aware newsletter is now available here.
In this issue of Socially Aware, our Burton Award-winning guide to the law and business of social media, we examine the use of the Computer Fraud and Abuse Act to combat web scraping; we explore the launch of Google Glass in the UK and the issues it raises; we analyze the FDA’s latest attempt to provide direction for drug and device manufacturers concerning how and when they may use social media; we report on a recent case concerning whether service providers can avail themselves of certain DMCA safe harbors; we highlight the increasingly important role of social media services in proxy contests; we take a look at how the Supreme Court’s Aereo decision might impact other areas of technology; and we discuss the ongoing controversy regarding website accessibility under the ADA and California’s Unruh Act.
All this—plus a collection of thought-provoking statistics about social media and the World Cup…
Read our newsletter.
The “selfie” is now so ubiquitous that the word is in the Oxford English Dictionary, you can use it in Scrabble and it has spawned a whole new lexicon. Selfies are no longer the preserve of teens and reality stars; you now have politicians, royalty and companies getting in on the act. Selfies can mean big business—indeed, it was recently announced that Kim Kardashian, the reality star and “queen of the selfie,” will publish a book of 352 of her favorite snaps next year at $19.95 a pop.
But unfortunately for our simian friends, it seems that selfies are simply not monkey business.
In 2011, British wildlife photographer David J. Slater was in Indonesia taking photos of macaque monkeys. Some of the monkeys began playing with his digital camera and a female monkey managed to take a particularly excellent self-portrait, reproduced below.
The photo was published in various magazines and on websites around the world. It eventually was added to Wikimedia Commons, a collection of images that are free for public use.
Slater asked Wikimedia to remove the image or pay for its use; Wikimedia did neither. Last week it came to light that Wikimedia had denied a notice-and-takedown request regarding the photograph on the basis that there was no copyright in the monkey’s photo.