FINRA Fines Financial Institution for Systemic Record and E-mail Retention Failures

FINRA fined a financial institution for systemic failures to preserve electronic records, certain e-mails and instant messages in the required manner for a period of at least 10 years. FINRA found that from 2002 to 2012 the firm failed to maintain necessary records, including order and trade ticket data, trade confirmations, blotters, accounts and other similar records, in non-rewriteable, non-erasable format (also referred to as "Write-Once, Read-Many" or "WORM" format).

See: FINRA Action against Firm; Press Release.