A broker-dealer settled FINRA charges for failing to retain emails. According to FINRA, the broker-dealer violated SEA Rule 17a-4 ("Records to be preserved by certain exchange members, brokers and dealers") and FINRA Rules 4511 ("General Requirements"), and 2010 ("Standards of Commercial Honor and Principles of Trade") by failing to retain approximately 180,000 emails.
To settle the charges, the broker-dealer agreed to a (i) censure and (ii) $25,000 fine.
Commentary
What is the point of throwing in Rule 2010 on so many enforcement actions? Rule 2010 should be renamed the "Violating Any Other FINRA Rule" rule.
Primary Sources
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