Are firms getting the message? Record-keeping obligations related to off-channel messaging

Kevin Spence
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Kevin Spence: Director of Compliance, TIAA, USA

Journal of Financial Compliance, 2024, vol. 7, issue 3, 231-241

Abstract: Several high-profile enforcement actions and significant fines brought against notable financial institutions for violations of record-keeping requirements relating to electronic communications continue to foster discussions throughout the financial services industry. This paper seeks to provide a timeline of the most notable regulatory activity and enforcement actions taken against firms. Secondarily, this paper will discuss the regulatory requirements for record-keeping and electronic communications as they relate to broker-dealers and registered investment advisers, while also highlighting significant differences between the two sets of requirements. Lastly, this paper provides guidance for financial services firms on implementing an effective compliance framework for establishing record-keeping controls that could potentially aid firms in meeting their regulatory obligations.

Keywords: record-keeping; off-channel messaging; compliance; broker-dealer; investment adviser (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2024:v:7:i:3:p:231-241

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