PC World reports an interesting new development:
The National Association of Securities Dealers informed its roughly 5300 brokerage-firm members Wednesday that they must retain their IM records for at least three years. Under federal law, every securities firm doing business with the U.S. public must be a member of NASD.
So, in essence, it’s a requirement of federal law that companies comply with this. On the one hand, it seems reasonable for recordkeeping requirements to keep up with changing technology. On the other, this strikes me as rather Big Brotherish.
Anyone out there that’s more familiar with this issue, or who’s at least thought about it awhile, is welcome to comment below to share your insights.