The 10-page report is broken up into a question-and-answer format on issues of record keeping, possible rules violations and defining rules as they relate to social networking sites.

"Social networking sites and blogs raise new regulatory challenges, particularly in the areas of supervision, advertising and books and records requirements," says Finra chairman and CEO, in a statement. "Our goal in issuing this notice is to ensure that firms and brokers use social networking sites in an appropriate manner."

Ultimately, it is up to the firm itself to set guidelines for these types of interactions.

The release continues: "[The guidelines emphasize] that each firm must develop its own policies and procedures -- in the context of its own particular business model and compliance and supervisory programs -- designed to ensure that the firm and its personnel are complying with all applicable regulatory requirements when using social networking sites. Some technology providers are developing systems that are intended to enable firms to retain records of communications made through social networking sites. As the notice states, however, Finra does not endorse any particular technology to keep such records, nor are we certain that adequate technology currently exists."