Intradyn, the St. Paul, MN e-mail compliance software developer, revealed a research study today that suggests more than one in three small-to-mid-sized securities firms still not archiving e-mail to meet SEC regulations.
The research project, conducted the University of St. Thomas in St. Paul and commissioned by Intradyn, was to ascertain the current practices of smaller SEC-regulated broker-dealers. SEC-regulated firms must maintain a secure, non-alterable, and searchable archive of all their e-mail for as long as seven years in some instances, or face stiff penalties and fines.
Firms of less than 100 employees were selected for the survey on an “nth name” basis across the entire U.S. from the National Association of Securities Dealers (NASD) membership list. This category makes up approximately 94 percent of the NASD’s membership. A single individual at each broker-dealer firm was interviewed, either the compliance officer or the principal charged with that responsibility. If those individuals were not available, the IT managers were contacted.
See full Article.
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