Paul, Here are the SEC regulations for Broker/Dealer record retention. 17a-3 describes the records that must be kept and 17a-4 describes how long each type of record must be archived. E-mail is tricky because although it is not used exclusively for financial transactions, it may in fact be used to receive things like trade orders. What my company has done is determine whether any information required for storage by the SEC is included in e-mail. Since some of our clients do send trade orders via e-mail, we must then save our e-mails for as long as the SEC requires trade orders to be saved. Of course it would be nice if we could save only those e-mails that contain trades, but it would likely be impossible to catch every instance and so have decided to error on the side of caution.
http://www.law.uc.edu/CCL/34ActRls/rule17a-3.html http://www.law.uc.edu/CCL/34ActRls/rule17a-4.html Hope this helps, Sean Popock, CISA IT Audit Manager Instinet Corp. --- "Kevin J. McCarthy" <[EMAIL PROTECTED]> wrote: > You may want to check the SEC website and review proposed new rules under > Sarbanes-Oxley that deal specifically with this issue - I believe it is > Section 802 of Sarbanes that deals with the retention of files - including > electronic. > > Kevin McCarthy > Manager of Sales and Marketing > Project Control Companies, Inc > (978) 692-8400 ext. 15 > (978) 692-8458 fax > www.project-control.com > > > > -----Original Message----- > From: Hugenberg III, Paul [mailto:[EMAIL PROTECTED]] > Sent: Friday, January 03, 2003 11:35 AM > To: '[EMAIL PROTECTED]' > Subject: e-mail retention > > > Does anyone have an idea of what is legally required by Financial > Institutions regarding retention of e-mail? (e.g. types of messages and > length of retention) > > Thanks, > > Paul Hugenberg III, C.I.S.A. > East Audit Manager > Information Technology Audit Officer > Sky Financial Group > 60 East Main Street > Salineville, Ohio 43945 > (330) 679-2328 ext. 2190 > mailto:[EMAIL PROTECTED] __________________________________________________ Do you Yahoo!? Yahoo! Mail Plus - Powerful. Affordable. Sign up now. http://mailplus.yahoo.com
