Copies of those emails received and sent, must be preserved for at least three years, with the most recent two years easily accessible. The records of outgoing emails must include the name of the person who prepared the outgoing email and the registered principal who reviewed it. This means that the complaint email along with the member firm's response is subject to the retention and reporting obligations contained in NASD Conduct Rules 3110 and 3070. Industry Practice . Many member firms prohibit employees from sending email to clients or prospective clients from home because of the difficulties in reviewing and retaining emails originating outside the firm.
Some firms prohibit the use of email entirely.
SEC Guidelines . However, members of the SEC staff recently have indicated that the SEC shortly will issue a new release that will clarify that funds may provide readers with a copy of the prospectus in a format that requires the use of Adobe Acrobat to access it. NASD Guidelines . The NASD's proposed amendments set forth in the September Notice, if adopted, would exempt from the pre-use approval and filing requirements all group emails. The rule proposal recognizes that given the speed and volume at which these materials are sent to customers, a pre-approval requirement may not be as effective as standards specifically tailored to that form of communication.