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How social networking sites are reshaping individual and corporate practices.

Social networking sites within financial industries have escalated in use so much that UK's Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh.  (FSA) and USA's Financial Industry Regulatory Authority Not to be confused with NASD.
In the United States, the Financial Industry Regulatory Authority (FINRA) is a new self-regulatory organization (SRO) under the Securities Exchange Act of 1934, successor to the National Association of Securities Dealers, Inc. (NASD).
 (FINRA) have issued guidance notes. All promotional and non-promotional communications on these sites are subject to the FSA's media-neutral policies. All regulated firms using new media must focus on content, and the rules governing them are laid out in fsa's Conduct of Business Sourcebook.

The line between business and personal use of social networking sites is drawn in the FSA and FINRA guidance notes. Regulators can regulate only what is within their purview and legal jurisdiction.

Kamran Butt, a branch manager of an Islamic bank in Pakistan, asserts that, if social networking sites are used for business, users must "behave professionally" and turn a blind eye to personal matters.

Of course, human behaviour is seldom that restrained. Fuwad Beg of Centriva Consulting, which helps recruit executives, says the lines between private, personal and professional are blurred. Recruiters use a range of social networking sites "prolifically", he says, to find prospective employees. Dimi Crossley, formerly with MRI 1. (application) MRI - Magnetic Resonance Imaging.
2. MRI - Measurement Requirements and Interface.
 Network Worldwide in Bahrain, says the practice is not uncommon.

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Publication:Islamic Banking & Finance
Date:Feb 20, 2011
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