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Federal Regulations that Require Archiving for Compliance

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SEC 17A-4
The Securities Exchange Commission (SEC) originally enacted the Securities Exchange Act in 1934, as a means of protecting investors from fraudulent or misleading claims by securities dealers. The Act required member firms to create and maintain transaction records which could be reviewed and audited. In 1997, rule 17a-4 of the Act was amended to provide procedures for storage of electronic records, including emails.

NASD 3010
NASD (National Association of Securities Dealers) applies similar rules to its member firms through NASD 3010. The provisions of SEC 17a-4 and NASD 3010 apply to all individuals and organizations involved in trading securities. This includes securities firms, stock brokerage firms, banks and any financial institutions that fall under SEC or NASD jurisdiction. They require securities dealers to implement specific, enforceable retention procedures.

SEC Investment Advisers Act of 1940
On February 1, 2006 the U.S. Securities and Exchange Commission (SEC) imposed new regulations on private investment pools, also known as hedge funds. The ruling requires that most hedge fund advisers register with the SEC under the Investment Advisers Act of 1940, which includes provisions for securing, managing and archiving all electronic communication, including email.

Sarbanes-Oxley Act of 2002 (SOX)
The Sarbanes-Oxley Act of 2002 was enacted in the wake of several major corporate and accounting scandals. Its provisions affect email retention, integrity and oversight. Sarbanes-Oxley applies to all publicly traded companies and the certified public accountants and attorneys associated with these companies.

HIPAA (Health Insurance Portability and Accountability Act)
The HIPAA Act, passed in 1996, imposes strict controls on any business that handles, maintains, stores, or exchanges a patient’s health records or other related medical information. The Act is wide-reaching and regulates organizations such as hospitals, doctors and other healthcare providers, health and life insurance companies, employers who maintain employee health records, public health agencies, organ donation banks, pharmacies, long-term care facilities, and medical billing firms and clearinghouses.

Gramm-Leach Bliley Act (GLB Act)
The Gramm-Leach Bliley Act, enacted in 1999, imposes rules on banks, brokerage firms, taxpreparation firms, insurance companies, consumer credit reporting agencies and numerous other financial services firms and dictates how they handle their customers’ personal financial data.

Advisory Letter 2004-9: Office of the Comptroller of the Currency Administrator of National Banks (OCC)
On June 14, 2004 the Office of the Comptroller of the Currency Administrator of National Banks distributed an advisory letter highlighting key issues regarding electronic record keeping as a result of the E-SIGN Act 15 USC 7001. The OCC advisory letter stated that banks should implement an electronic records retention system in order to make electronic data available in cases of litigation, audits, bank supervision, and compliance with laws & regulations. The systems should provide back-up, internal controls, record destruction and record retention policies as well as the prevention of data access by external third parties.
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