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FINRA, SEC, and FSA Regulations

The Financial Industry Regulatory Authority (FINRA), Securities and Exchange Commission (SEC), and the Financial Services Authority (FSA) are the regulatory agencies within the financial services industry. Each has guidelines and regulations that pertain to electronic communications compliance.

As a result, every member firm in the financial services industry must have e-Discovery, storage, retrieval, and surveillance solutions in place in order to be compliant with the numerous overlapping and reinforcing regulations. The highlights of these regulations include:

• Firms must preserve electronic business records and retain for 3-6 year retention period (SEC 17a-4)
• Messages must be stored in their original form on tamperproof, non-rewriteable, non-erasable media, and must be stored
   in duplicate in separate locations (SEC 17a-4)
• Archived messages must be time/date stamped and serialized (SEC Rule 17a-4)
• Messages must be indexed and searchable (SEC Rule 17a-4) an auditing system in place, and must store audit records
   (SEC 17a-4)
• Firms must appoint an independent third party downloader to access the organization’s electronic records, if the firm is
   unable or unwilling to do so (SEC 17a-4)
• Written Supervisory Policy (WSPs) and procedures must be in place to supervise, review and sample registered
   representative's electronic communication (NASD 3010)
• Firms need to be able to demonstrate that supervisory procedures are being enforced with documented records. (NASD
   3010)outgoing email for noncompliant language (NASD 3010)

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Comply With HIPAA
Requirement Are A Challenge,Especially As Technology Changes

California Finally Updates E-Discovery Rules
"With the increase in E-Discovery and E-Communication monitoring and the interpretation of the recent messaging regulations, corporations in the affected sectors must implement secure message monitoring and archiving solutions,"said Todd Cohan, Founder of TextGuard. “TextGuard offers businesses just that – a simple, secure and effective way to keep track of a company’s mobile device activity so that they are compliant with all regulations."