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The Securities Exchange Act is a wide-reaching set of rules governing the financial services industry. In particular, SEC Rules 17-a3 and 17-a4 pertain to a firm’s electronic messaging. These rules require firms to keep a proper record of electronic business communications.
FINRA issued Regulatory Notice 10-06 in January 2010, further clarifying these rules in the context of the rapidly evolving digital age.
This notice explained how the SEC’s rules govern a firm’s use of social media to communicate. It requires the retaining of records for a specific period of time, depending on their nature. It also outlines a firm’s requirement to hold on to records of business-related communications.
FINRA Regulatory Notice 11-39 followed shortly after with further details. This allows for regulatory bodies to take a closer look at the business practices of financial service firms. It is their job to ensure compliance with these standards.
SEC Rule 17a-4(b) requires the retaining of business communications records made by broker-dealers. This information must be easily accessible and archived on WORM storage.
