Laws and Regulations...
NASD 3010/3110
This regulation primarily affects: banks, securities firms, stock brokerage firms, and financial institutions that deal in the trading of securities of any type that are governed by the SEC.
The Financial Industry Regulatory Authority (FINRA) requires that member firms establish and maintain a system to "supervise" the activities of each registered representative, including transactions and corresponence with the public. In addition, NASD 3110 requires that member firms implement a retention program for all correspondence involving registered representatives.
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SEC 17a-3 and 17a-4
Investment banks, securities firms, stock brokerage firms and other financial institutions that deal in the trading of securities are affected by this regulation set forth by the Securities and Exchange Commission (SEC).
The SEC's rules 17a-3 and 17a-4 outline how broker-dealers are required to store records in electronic form. Under these rules, all electronic records must be preserved exclusively in a non-rewriteable and non-erasable format. This interpretation clarifies that broker-dealers may employ a storage system that prevents alteration or erasure of any records during the required retention period.
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Health Insurance Portability & Accountability Act (HIPAA)
HIPAA affects all healthcare providers, health insurance providers, and anyone who does business with healthcare providers.
In 1996, HIPAA was enacted to establish a national standard for electronic healthcare transactions and national identifiers for providers, health plans, and employers. It also addresses the security and privacy of individually identifiable health information.
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Sarbanes-Oxley Act (SOX)
Any company that is publicly traded in the United States is subject to SOX, including all of their divisions and wholly owned subsidiaries. Also affected is any non-US public multi-national company doing business in the United States.
In response to major corporate and accounting scandals, SOX was approved by the House and Senate then signed into law by George W. Bush in 2002. Sarbanes-Oxley contains 11 titles that describe specific mandates and requirements for financial reporting.
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Gramm-Leach Bliley Act (GLBA)
A wide range of organizations are affected by the Gramm-Leach Bliley Act including: financial institutions, insurance companies, financial service providers, credit card companies, and billing service providers.
Also known as the Financial Modernization Act of 1999, the Gramm-Leach Bliley Act includes provisions to protect consumers’ personal financial information that is held by financial institutions. There are three principal parts to the privacy requirements: The Financial Privacy Rule, Safeguards Rule and pretexting provisions.
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Federal Rules of Civil Procedure (FRCP)
Any company or individual who could potentially face lawsuits within a Federal court is affected by FRCP.
The FRCP was established in 1938 and governs court procedures for civil lawsuits. This document has frequently been updated with the most recent ammendments in 2006 detailing what, how and when electronic data must be produced - including the new requirement of production as part of the pretrial process.
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