As a securities broker, Morgan Stanley, which is facing a possible $10 million fine from the Securities and Exchange Commission for failing to keep certain email (see related coverage at right), is subject to tougher record-retention requirements under the Securities Exchange Act than other public companies.
Similarly, investment advisers also have enhanced obligations under the Investment Advisors Act when it comes to retaining records—and they are currently involved in an effort to get the SEC to clarify email obligations that they claim are creating unnecessary compliance burdens.
