FINRA Email Archiving making sure you are fully compliant with FINRA email archiving regulations

FINRA Keeps Pressure on Firms

Just because 2009 is wrapping up doesn’t mean FINRA has taken a reprieve on investment firms and financial companies. This trend has continued throughout this year, and many experts predict 2010 to see increased audits, investigations, and stricter attention to fulfilling regulation requirements.

FINRA email archiving is vital to fulfill many key rules, including SEC 17a-4 as well as NASD 3010. What’s included in these laws?

SEC 17a-4

Electronic business records must be preserved and retained from 3-6 years. In addition, messages need to be in their original form on tamperproof, non-rewritable and non-erasable media and stored in different locations (redundant storage). Firms need to also use the services of a third-party downloader to access these records.

NASD 3010

This law pertains to showcasing that supervisory procedures are being enforced with documented records. In terms of FINRA email archiving, this would be having an audit trail built within the system. In addition, outgoing emails need to be able to scanned for noncompliant language.

Adherence to, but also understanding of these two FINRA email archiving laws are important, especially with increased attention to enforcing regulations. With the New Year, it’s a great opportunity to review your company’s email archiving solution and make sure your company is compliant.