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Are firms getting the message? Record-keeping obligations related to off-channel messaging
Journal of Financial Compliance,
7
(3),
231-241
(2024)
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.
Keywords: record-keeping; off-channel messaging; compliance; broker-dealer; investment adviser
The full article is available to subscribers to the journal.
Author's Biography
Kevin Spence is Director of Compliance with the Teachers Insurance and Annuity Association (TIAA), overseeing regulatory compliance across individual and wealth management broker-dealer and investment advisory businesses. Prior to TIAA, Kevin served as the Chief Compliance Officer for Cary Street Partners (a registered broker-dealer, investment adviser and asset manager). Kevin has spent over 20 years serving in various compliance leadership roles at large broker-dealers and investment advisers such as HSBC and Wells Fargo Advisors. Kevin obtained his Juris Doctorate from Saint Louis University School of Law and has been admitted to the District of Columbia Bar Association. Additionally, Kevin maintains both the Investment Adviser Certified Compliance Professional® and the Certified Securities Compliance Professional designations. Kevin is a frequent speaker at industry conferences on topics related to compliance within the financial services industry and a contributor to various industry-related publications.
