An unlikely alliance of regulators and industry groups is seeking to carve out exemptions in state laws that would allow certain financial firms to sidestep bans on looking at the personal social-media accounts of employees.

Wall Street’s self-regulator, the Financial Industry Regulatory Authority, says financial firms need a way to follow up on “red flags” suggesting misuse of a personal account, according to a spokesman. Finra has asked lawmakers in about 10 states to make changes to proposed legislation, the spokesman said.

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