August 10, 2005

Bar Associations Seek Clarity From SEC Regarding E-Mail Retention Policy

With the expansive use of e-mail in recent years, the uncertainty in the Securities and Exchange Commission (the “SEC”) staff’s current e-mail retention policy has caused concern for SEC registered investment advisers (IAs”). These concerns were voiced by the Committee on Investment Management Regulation of the Association of the Bar of the City of New York (the “Committee”) on May 11, 2005 when it sent a letter to the SEC on the application of the record retention rules to e-mail. The Committee cited the unfairness of “asking firms to make such large financial commitments while the area is still so rife with ambiguities….” The Committee asked for “greater written guidance, through the public rulemaking process, on the obligation of investment advisers to retain and produce e-mail.”

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