UPDATE: NY Authorities Scrutinize Legality of Symphony's Data Deletion Claims

The New York regulator is concerned that the vendor will make it hard to obtain communications records.

The NY DFS is concerned that unscruplous traders will be able to delete evidence of wrongdoing.

Symphony, which is financially backed by 14 major financial firms led by Goldman Sachs, received a letter from the DFS on Wednesday, asking the vendor to provide details about data retention and deletion, encryption services and open-source features.

According to the letter from acting DFS superintendent Anthony Albanese, Symphony uses the term "Guaranteed Data Deletion" and states that data is "100 percent protected by encryption keys" in its marketing collateral.

However, under New York state

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