FINRA Fines Affiliated Firms for Email Retention and Review Violations

FINRA announced that it has fined five affiliates $1.2 million for failing to retain or review emails for periods ranging from two months to more than six years. FINRA found that the firms failed to properly configure employee email accounts to ensure that the emails sent to and from those accounts were retained and reviewed. In addition, the firms failed to set up systems to retain certain types of emails, such as emails using alternative email addresses and "cloud" email (emails sent through third-party systems).

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