This article written by Allison Walton published on clearwellsystems.com on the e-Discovery 2.0 blog.
This article discusses the recent settlement of an SEC investigation of FINRA. The article states, "Is it a good use of taxpayer money to have regulatory agencies fighting each other over document retention and record keeping practices? The answer is probably no. But the first question begs the second: If they don’t do it, who will? While information management is not the sexiest part of the SEC and FINRA’s responsibilities, it certainly is an important one and the foundation of their information intelligence. Without proper document retention and information governance, the probability of connecting the dots to discover insider trading or other malfeasance is low. Moreover, in order for agencies to retain credibility they need to be able to locate documents with ease and speed and those documents must be truthful and accurate."
The article further states, "According to the SEC, the 2008 incident is the third instance in the past eight years where an employee of FINRA, or its predecessor, the National Association of Security Dealers, has provided altered or misleading documents to the SEC. It remains to be seen if this is intentional on the part of FINRA to conceal undesirable facts or to promote an item on their agenda, or if in fact they are simply negligent with regard to their record keeping policies."
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