As part of the SEC’s Books and Records rule, RIA firms need to capture and store written communications with clients for no less than five years. Examiners are said to focus on an RIA firm’s policies and procedures related to archiving and supervision of communications as well as the implementation of the system in place. It is best practice for the RIA firm to have a designated person, such as the chief compliance officer (“CCO”) to conduct supervisory activities over emails to mitigate compliance risks.
To help, we created this complimentary checklist outlining the top ten tips for reviewing emails and meeting regulatory compliance requirements related to written communications.