The SEC’s E-mail Crackdown
COMPLIANCE
Broker-dealers say vague wording in SEC rule 17a-4 will make compliance with the rule unnecessarily costly and burdensome.
Last December, when five US broker-dealers--Deutsche Bank, Goldman Sachs, Morgan Stanley, Salomon Smith Barney and US Bancorp Piper Jaffray--agreed to pay fines totalling $8.25 million ($1.65 million each) for failing to preserve e-mail communications, it became clear just how disorganized broker-dealers have been in retaining e-mail records.
In the course of their
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