Firms Face IM Compliance Issues


Financial services firms are paying close attention to SEC rules 17a-3 and 17a-4, which go into effect on May 2 and will likely have repercussions on the use of instant messaging (IM).

The rules concern the retention of broker records and don’t specifically refer to IM. However, in a March 5 memo, the New York Stock Exchange (NYSE) recommended that member organizations consider instant messages to be covered as one type of communication that must be retained.

Any rules that do cover the use of

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