Libra: Facebook being hoisted with their own petard. Facebook has credibility issues with Congress starting with a 2011 settlement with the Federal Trade Commission for deceiving consumers and this year it has set aside $3 billion for violating the consent decree. Now, it wants Congress to believe that it will not share information from Calibra wallets with Facebook clients!
Many financial firms and investment managers want to advertise with social media but are confused about the regulations governing advertising for investment products and services – especially rules for social media. On July 10, 2018, the Securities and Exchange Commission (SEC) reiterated their view that the Advertising Rule 206(4)-1 applies to social media with settlements against five firms for using testimonials to promote their firms or investment products.