SEC CHARGES 10 BROKER/DEALERS/INVESTMENT ADVISERS WITH FAILURE TO KEEP RECORDS OF "OFF-CHANNEL COMMUNICATIONS" WITH CLIENTS
FINRA makes available a Series 6 Content Outline for those planning to sit for the Series 6. This Content Outline describes the subject matter of the Series 6 Exam. The Series 6 Content Outline includes Section 3.4, covering correspondence with clients and mentioning books and records retention requirements. From time to time, the SEC issues press releases about penalties and charges brought against broker/dealers and advisers. Here is one that imposes penalties on 10 firms for inadequate record-keeping of electronic communications with clients, called "off-channel communications." I include the SEC Release here because it demonstrates that a broker or adviser must treat the rules as having real life consequences, potentially bringing serious penalties and large fines for non-observance. Bob Eder in his Study for the Series 6 Exam covers correspondence and advertising regulations, with a special emphasis on keeping records, including electronic and off-channel communication