On 7/14/06, Jesse Wilkins <[log in to unmask]> wrote:

> -------- Original Message --------
> Subject: California Supreme court prohibits recording Californians without
> their consent - regardless of where you are.
> Date: Thu, 13 Jul 2006 15:35:59 -0400
> From: Ethan Ackerman <[log in to unmask]>
> To: David Farber <[log in to unmask]>
>
> Well today, the California Supreme Court found that Georgia-based employees
> of the Solomon Smith Barney brokerage who were taping California customers
> with out notice or consent violated California laws, even if they might have
> been complying with Georgia's '1 party' consent laws.
>
> While the court refused to fine the brokers, finding their reliance on
> Georgia law reasonable, it did enjoin them from taping Californians in the
> future.
> Case is here:
> http://www.courtinfo.ca.gov/opinions/documents/S124739.PDF
>


Very interesting considering that Salomon Smith Barney is most likely
subject to SEC17a-4, which requires that broker-dealers retain all
communications that occur between the broker-dealer and the customer.
The regulation does not define communication so one could broadly
interpret that to mean voice, email, snailmail whatever must be
retained.

Now does California law trump federal law? I'll leave that question up
to our resident legal minds. John what say you?

pak

-- 
Peter Kurilecz CRM CA
Richmond, Va

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