First, it appears that the link is no longer valid (perhaps behind a
subscription wall). But in reading the excerpt, this reminds me of the
distinction between records and nonrecords during discovery - there really
ain't one. Rather, whatever you have that is relevant is subject to
production (and I am not a lawyer either). 

So in the story, I boil it down to, "If we think you did something wrong
we're going to review whatever you have, up to and including EVERYTHING,
without concern for whether you should still have it or not". Two parts to
that:
1. Whatever you should have, you BETTER have. 
2. Whatever you shouldn't have, but still do, we'll take that too. 

So under 17a-3, there's lots of stuff that they must maintain, and under
their own policy there may be more they keep and/or for longer periods than
required. With an effective policy and enforcement of same, SEC would only
receive (and would not seem to me to have a leg to stand on to complain
about receiving) those records required to be maintained. 

I think one can meet both requirements, and to echo what Steve W. said, if
they don't like it, tough. We did what they said we had to - no more, no
less. 

10" (deeper drifts) and continuing to fall, 

Jesse Wilkins
CDIA+, LIT, ICP, edp, ermm, ecms
IMERGE Consulting
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(303) 574-1455 office
(303) 484-4142 fax
YIM: jessewilkins8511
SL: Jesse8511 Market
Looking for the latest education on electronic records, email, and imaging?
Visit http://www.imergeconsult.com/schedule2.html for a current schedule of
courses. 

-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On Behalf
Of Alan A Andolsen CMC CRM
Sent: Wednesday, December 20, 2006 1:48 PM
To: [log in to unmask]
Subject: Re: FW: NYTimes.com: Regulator Says Morgan Stanley Withheld E-Mail
in Cases

Jesse Wilkins wrote:

> 17 CFR 240.17a-4 requires that broker/dealers keep REQUIRED 
> communications regardless of media for three or six years depending on 
> the nature of the communication.
> 
> So it's not every single communication, but only relevant ones. 

Jesse -- see below

> On 12/20/06, Larry Medina <[log in to unmask]> wrote: 
>>
>> Can anyone confirm this comment from the above article?
>>
>> "Securities and Exchange Commission rules require that firms keep all 
>> e-mails and business communications for three years."
>>
>> Is it true that "...ALL e-mails and business communications..." must 
>> be kept for 3 years, or only those pertaining to certain types of
> transactions???

Greetings from London!

Larry -- remember your own postings! From the RECMGMT-L Archives:

Date:         Wed, 17 Nov 2004 14:47:46
Sender:       Records Management Program
From:         Larry Medina
Subject:      RAIN: SEC wants unfettered access to E-Mail

http://www.pf.com/law_internet_digitaldisc.asp

SEC Enforcers Want Unfettered Access to E-Mail

Securities and Exchange Commission officials appearing at a conference
sponsored by the American Law Institute-American Bar Association in
Washington, D.C., clarified the Commission's approach to e-mail. The short
version is that when SEC investigators probe possible wrongdoing involving a
broker-dealer, they will insist on access to all of the subject's e-mails
that have been sent over corporate systems, including personal messages.

On November 5, John Walsh, chief counsel in the SEC's Office of Compliance
Inspections and Examinations, said that in inspections, the staff is
requesting e-mails pursuant to the agency's authority to examine all
records, whether or not a legal requirement for their retention exists. ...

Al

-- 

Alan A Andolsen CMC CRM
President
Naremco Services Inc.
60 East 42nd Street
New York, NY 10165

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    Fax: 212-986-1736

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