Bear asked:
"I'm familiar with legal holds associated with pending or reasonably
anticipated
litigation. My questions are one of syntax more than anything:
Would the same process apply for pending or reasonably assumed
investigations by regulatory agencies?
Would this be called and treated as a Legal Hold, or should it be
defined as
a "Regulatory Hold" or some other distinction from Legal?
Should policy address "regulatory holds" as part of the Legal Hold
process or
as a separate policy?"
My view is that they are all HOLDS, and a policy should define them as
such. Whether you add the modifiers of "legal", "litigation",
"regulatory", "audit", or something else, the requirement for stopping
the retention clock is the same, including the need to do so when there
is a reasonable expectation that a need will arise. Whether it's a
reasonable expectation of possible litigation, audit, or some other
situation that creates the need for a record(s), our policies and
systems should enable the application (and subsequent lifting) of a
HOLD.
Am I being too much of an idealist?
Pilar C. McAdam, CRM
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Los Angeles, CA
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