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

Author

Listed:
  • Spence, Kevin

    (Director of Compliance, TIAA, USA)

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.

Suggested Citation

  • Spence, Kevin, 2024. "Are firms getting the message? Record-keeping obligations related to off-channel messaging," Journal of Financial Compliance, Henry Stewart Publications, vol. 7(3), pages 231-241, April.
    • Handle: RePEc:aza:jfc000:y:2024:v:7:i:3:p:231-241
    as

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    More about this item

    Keywords

    record-keeping; off-channel messaging; compliance; broker-dealer; investment adviser;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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