FINRA and SEC recordkeeping for calls and texts

See also

Sources

1. 1
   Rule 17a-4(a) requires the records listed in Rule 17a-3(a)(1)-(3), (5), (21) and (22) to be preserved for at least six years, the first two in an easily accessible place.

   17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(a) · Checked 2026-10-14
2. 2
   Exchange Act Rule 17a-4(b) requires broker-dealers to preserve the records listed in paragraphs (b)(1) through (b)(17) for at least three years.

   17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(b) introductory text · Checked 2026-10-14
3. 3
   Under Rule 17a-4(b) the first two years of the three-year retention period must be in an easily accessible place.

   17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(b) introductory text · Checked 2026-10-14
4. 4
   Rule 17a-4(b)(4) requires broker-dealers to keep originals of all communications received and copies of all communications sent, including approvals, relating to their business as such.

   17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(b)(4) · Checked 2026-10-14
5. 5
   Rule 17a-4(b)(4) extends to inter-office memoranda and to communications subject to self-regulatory organization rules governing communications with the public.

   17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(b)(4) · Checked 2026-10-14
6. 6
   For Rule 17a-4(b)(4), communications expressly include sales scripts and recorded telephone calls required to be maintained under Exchange Act section 15F(g)(1), which applies to security-based swap dealers.

   17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(b)(4), final sentence · Checked 2026-10-14
7. 7
   Rule 17a-4(f)(1)(ii) defines an electronic recordkeeping system as one that preserves records in a digital format in a manner that permits them to be viewed and downloaded.

   17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(f)(1)(ii) · Checked 2026-10-14
8. 8
   Rule 17a-4(f)(2)(i)(A) allows an electronic recordkeeping system to preserve each record with a complete time-stamped audit trail capturing modifications and deletions, their date and time, the actor where applicable, and enough to re-create the original.

   17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(f)(2)(i)(A) · Checked 2026-10-14
9. 9
   Rule 17a-4(f)(2)(v) requires a backup electronic recordkeeping system or other redundancy capabilities so records survive loss of the primary system.

   17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(f)(2)(v) · Checked 2026-10-14
10. 10
    Rule 17a-4(f)(2)(iv) requires the system to be able to readily download and transfer records, and their audit trails where applicable, in both a human-readable format and a reasonably usable electronic format.

    17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(f)(2)(iv) · Checked 2026-10-14
11. 11
    Rule 17a-4(f)(2)(ii) requires the electronic recordkeeping system to automatically verify the completeness and accuracy of the processes for storing and retaining records.

    17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(f)(2)(ii) · Checked 2026-10-14
12. 12
    Rule 17a-4(f)(2)(i)(B) is the alternative to the audit trail: preserving records exclusively in a non-rewriteable, non-erasable (WORM) format.

    17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(f)(2)(i)(B) · Checked 2026-10-14
13. 13
    A broker-dealer using the non-rewriteable non-erasable option must also maintain an audit system accounting for the inputting of records and changes to them, with audit results kept as long as the audited records.

    17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(f)(3)(iii) · Checked 2026-10-14
14. 14
    A designated executive officer who signs the Rule 17a-4(f) undertaking may appoint in writing up to two designated officers and up to three designated specialists, without being relieved of the undertaking obligations.

    17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(f)(3)(v)(B)-(C) · Checked 2026-10-14
15. 15
    Rule 17a-4(f)(3)(v)(A) requires a broker-dealer using electronic recordkeeping to keep on file with its designated examining authority undertakings signed by either a designated executive officer or a designated third party.

    17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(f)(3)(v)(A) · Checked 2026-10-14
16. 16
    When an outside recordkeeping service prepares or maintains required records, Rule 17a-4(i)(1) requires that entity to file a written undertaking with the Commission that the records belong to the broker-dealer and will be surrendered promptly on request.

    17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(i)(1)(i) · Checked 2026-10-14
17. 17
    Using an outside recordkeeping entity does not relieve the broker-dealer of its responsibility to prepare and maintain the required records.

    17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(i)(2) · Checked 2026-10-14
18. 18
    Rule 17a-4(j) requires broker-dealers to furnish promptly to Commission representatives accurate, complete and current copies of required records, including the audit trail in a usable electronic format where the record is held in an electronic recordkeeping system.

    17 CFR 240.17a-4 Records to be preserved by certain exchange members, brokers and dealers (CFR annual edition 2025) · 17 CFR 240.17a-4(j) · Checked 2026-10-14
19. 19
    Before the 2022 amendments, Rule 17a-4 permitted electronic records only in non-rewriteable, non-erasable format; the amendments added the audit-trail alternative.

    SEC Adopts Amendments to Modernize Electronic Recordkeeping Requirements for Broker-Dealers and Security-Based Swap Dealers · press release, second paragraph (description of amendments) · Checked 2026-10-14
20. 20
    The compliance date for the 2022 amendments to Rule 17a-4 was May 3, 2023.

    Electronic Recordkeeping Requirements for Broker-Dealers, Security-Based Swap Dealers, and Major Security-Based Swap Participants (Final Rule, Release 34-96034) · rule landing page: compliance date statement · Checked 2026-10-14
21. 21
    The 2022 electronic recordkeeping amendments (Release 34-96034) became effective on January 3, 2023.

    Electronic Recordkeeping Requirements for Broker-Dealers, Security-Based Swap Dealers, and Major Security-Based Swap Participants (Final Rule, Release 34-96034) · rule landing page: Effective Date field · Checked 2026-10-14
22. 22
    The SEC amended Rule 17a-4's electronic recordkeeping requirements in Release No. 34-96034 (File No. S7-19-21), published at 87 FR 66412 on November 3, 2022.

    Electronic Recordkeeping Requirements for Broker-Dealers, Security-Based Swap Dealers, and Major Security-Based Swap Participants (Final Rule, Release 34-96034) · rule landing page: Release No., File No., Federal Register citation fields · Checked 2026-10-14
23. 23
    The compliance date for the 2022 amendments to Rule 18a-6, which governs security-based swap dealers and major security-based swap participants, was November 3, 2023.

    Electronic Recordkeeping Requirements for Broker-Dealers, Security-Based Swap Dealers, and Major Security-Based Swap Participants (Final Rule, Release 34-96034) · rule landing page: compliance date statement · Checked 2026-10-14
24. 24
    The CFTC Regulation 1.35(a)(1) oral-recording duty reaches introducing brokers only if their aggregate gross revenues from introducing-broker activity exceeded $5 million over the preceding three years.

    17 CFR 1.35 Records of commodity interest and related cash or forward transactions (CFR annual edition 2025) · 17 CFR 1.35(a)(1) and (a)(3) · Checked 2026-10-14
25. 25
    CFTC Regulation 1.35(a)(1)(iii) requires futures commission merchants, retail foreign exchange dealers and larger introducing brokers to keep oral and written pre-trade communications that lead to execution of a commodity interest transaction, including telephone and voicemail.

    17 CFR 1.35 Records of commodity interest and related cash or forward transactions (CFR annual edition 2025) · 17 CFR 1.35(a)(1) and (a)(1)(iii) · Checked 2026-10-14
26. 26
    The CFTC ordered JPMorgan entities on December 17, 2021 to pay a $75 million civil monetary penalty for employees' use of unapproved channels including personal text messages and WhatsApp and related recordkeeping and supervision failures.

    CFTC Orders JPMorgan to Pay $75 Million for Widespread Use by Employees of Unapproved Communication Methods and Related Recordkeeping and Supervision Failures · press release 8470-21, opening paragraph · Checked 2026-10-14
27. 27
    FINRA Rule 2210 defines correspondence as written (including electronic) communication distributed or made available to 25 or fewer retail investors within any 30 calendar-day period; more than 25 makes it a retail communication.

    FINRA Rule 2210. Communications with the Public · Rule 2210(a)(2) and (a)(5) · Checked 2026-10-14
28. 28
    FINRA Rule 2210(b)(4)(A) requires retail and institutional communications to be retained for the period required by SEA Rule 17a-4(b) and in a format and media complying with SEA Rule 17a-4.

    FINRA Rule 2210. Communications with the Public · Rule 2210(b)(4)(A) · Checked 2026-10-14
29. 29
    Under FINRA Rule 3110 Supplementary Material .07, evidence of review must identify the reviewer, the communication, the review date and actions taken, and merely opening a communication is not sufficient review.

    FINRA Rule 3110. Supervision · Rule 3110 Supplementary Material .07 · Checked 2026-10-14
30. 30
    FINRA Rule 3110(b)(4) requires supervisory procedures for review of incoming and outgoing written (including electronic) correspondence and internal communications, conducted by a registered principal and evidenced in writing.

    FINRA Rule 3110. Supervision · Rule 3110(b)(4) · Checked 2026-10-14
31. 31
    FINRA Rule 3110 Supplementary Material .06 permits risk-based review of correspondence and internal communications, but a firm that does not pre-review all correspondence must train staff, document the training and conduct surveillance and follow-up.

    FINRA Rule 3110. Supervision · Rule 3110 Supplementary Material .06 · Checked 2026-10-14
32. 32
    A FINRA taping firm must report quarterly to FINRA on its supervision of registered persons' telemarketing activities, by the 30th day after each calendar quarter ends.

    FINRA Rule 3170. Tape Recording of Registered Persons by Certain Firms · Rule 3170(b)(5) · Checked 2026-10-14
33. 33
    A FINRA taping firm must establish within 60 days procedures for tape recording all telephone conversations between its registered persons and existing and potential customers, and for reviewing those recordings.

    FINRA Rule 3170. Tape Recording of Registered Persons by Certain Firms · Rule 3170(b)(2)-(b)(3) · Checked 2026-10-14
34. 34
    FINRA Rule 3170 lets a member avoid taping-firm obligations by reducing its staffing below the thresholds, subject to a 180-day rehiring restriction, or by seeking an exemption under the Rule 9600 Series.

    FINRA Rule 3170. Tape Recording of Registered Persons by Certain Firms · Rule 3170(c) and (d) · Checked 2026-10-14
35. 35
    A FINRA taping firm must retain call recordings for at least three years from creation, the first two in an easily accessible place, catalogued by registered person and date.

    FINRA Rule 3170. Tape Recording of Registered Persons by Certain Firms · Rule 3170(b)(4) · Checked 2026-10-14
36. 36
    Under FINRA Rule 3170 a member is a taping firm when registered persons associated with a disciplined firm within the last three years make up 40 percent or more of a 5-9 person firm, four or more of a 10-19 person firm, or 20 percent or more of a firm with 20 or more.

    FINRA Rule 3170. Tape Recording of Registered Persons by Certain Firms · Rule 3170(a)(5)(A) · Checked 2026-10-14
37. 37
    FINRA Rule 4511(c) requires books and records made under FINRA rules to be preserved in a format and media that complies with SEA Rule 17a-4.

    FINRA Rule 4511. General Requirements · Rule 4511(c) · Checked 2026-10-14
38. 38
    FINRA Rule 4511(b) requires members to preserve FINRA books and records for at least six years where neither FINRA rules nor Exchange Act rules specify a period.

    FINRA Rule 4511. General Requirements · Rule 4511(b) · Checked 2026-10-14
39. 39
    FINRA said in May 2025 it would modify heightened supervision plans for pre-2025 off-channel settling firms to focus on completing the SEC undertakings and certifying completion to FINRA, while stating it cannot eliminate the plans entirely.

    SEC Off-Channel Communications Settlements—SRO Collateral Consequences · section FINRA Next Steps · Checked 2026-10-14
40. 40
    FINRA states that the January 2025 SEC off-channel settlements carried lighter undertakings and were structured to eliminate SRO membership consequences, so those firms needed no heightened supervision plan.

    SEC Off-Channel Communications Settlements—SRO Collateral Consequences · section January 2025 Settlements · Checked 2026-10-14
41. 41
    FINRA states that firms settling SEC off-channel cases before 2025 became statutorily disqualified and had to file an MC-400 membership continuance application and agree to a heightened supervision plan.

    SEC Off-Channel Communications Settlements—SRO Collateral Consequences · section Pre-2025 Settlements · Checked 2026-10-14
42. 42
    FINRA reports that the SEC denied a petition by pre-2025 settling firms to align their off-channel settlement terms with the lighter January 2025 terms.

    SEC Off-Channel Communications Settlements—SRO Collateral Consequences · section January 2025 Settlements · Checked 2026-10-14
43. 43
    Advisers Act Rule 204-2(a)(7) requires investment advisers to keep written communications received and sent relating to recommendations or advice, receipt or delivery of funds or securities, and placing or executing orders.

    17 CFR 275.204-2 Books and records to be maintained by investment advisers (CFR annual edition 2025) · 17 CFR 275.204-2(a)(7)(i)-(iii) · Checked 2026-10-14
44. 44
    Advisers Act Rule 204-2(e)(1) requires covered records to be kept for at least five years from the end of the fiscal year of the last entry, the first two years in an appropriate office of the adviser.

    17 CFR 275.204-2 Books and records to be maintained by investment advisers (CFR annual edition 2025) · 17 CFR 275.204-2(e)(1) · Checked 2026-10-14
45. 45
    Neither SEA Rule 17a-4 nor FINRA Rules 4511 and 3110 as read here impose a general duty on broker-dealers to record voice calls; FINRA's explicit taping mandate is limited to Rule 3170 taping firms.inferred

    FINRA Rule 3170. Tape Recording of Registered Persons by Certain Firms · Rule 3170(a)(5) and (b)(3), read against 17 CFR 240.17a-4(b)(4) and Rule 3110(b)(4) · Checked 2026-10-14
46. 46
    FINRA Regulatory Notice 17-18 says a firm must be able to retain business text and chat-app communications under SEA Rules 17a-3 and 17a-4 and FINRA Rule 4511 before it or its associated persons use them for firm business.

    Regulatory Notice 17-18: Social Media and Digital Communications · Q&A: Text Messaging, Q1 · Checked 2026-10-14
47. 47
    FINRA guidance holds that whether a communication must be retained depends on its content, not on the device or technology used to send it.

    Regulatory Notice 17-18: Social Media and Digital Communications · Text Messaging Q1; Past Guidance: Recordkeeping (citing Regulatory Notice 11-39) · Checked 2026-10-14
48. 48
    Regulatory Notice 25-07 asked members what recordkeeping challenges arise from AI-generated communications such as chatbots and AI-generated transcripts and meeting summaries.

    Regulatory Notice 25-07: FINRA Requests Comment on Modernizing FINRA Rules, Guidance, and Processes for the Organization and Operation of Member Workplaces · Section E, question E.3 · Checked 2026-10-14
49. 49
    In Regulatory Notice 25-07 FINRA noted that the phrase business as such in SEA Rule 17a-4(b)(4) is undefined and asked members what challenges that creates.

    Regulatory Notice 25-07: FINRA Requests Comment on Modernizing FINRA Rules, Guidance, and Processes for the Organization and Operation of Member Workplaces · Section E, question E.1 · Checked 2026-10-14
50. 50
    Regulatory Notice 25-07 contained no specific rule amendments; FINRA said any amendments would be proposed separately through its rulemaking process, including Board authorization and an SEC filing.

    Regulatory Notice 25-07: FINRA Requests Comment on Modernizing FINRA Rules, Guidance, and Processes for the Organization and Operation of Member Workplaces · notice text following Section E (next steps) · Checked 2026-10-14
51. 51
    Regulatory Notice 25-07 acknowledged that some associated persons conduct business over unauthorized digital channels the member neither retains nor supervises, and asked which supervision standards have worked for off-channel communications.

    Regulatory Notice 25-07: FINRA Requests Comment on Modernizing FINRA Rules, Guidance, and Processes for the Organization and Operation of Member Workplaces · Section E background and question E.2 · Checked 2026-10-14
52. 52
    On December 17, 2021 the SEC announced that J.P. Morgan Securities LLC admitted widespread recordkeeping failures involving personal-device texts, WhatsApp and personal email from January 2018 to November 2020 and agreed to a $125 million penalty.

    JPMorgan Admits to Widespread Recordkeeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges · press release 2021-262, opening paragraphs and findings · Checked 2026-10-14
53. 53
    The SEC's 2021 J.P. Morgan Securities action charged violations of Exchange Act Section 17(a) and Rules 17a-4(b)(4) and 17a-4(j), plus failure to reasonably supervise.

    JPMorgan Admits to Widespread Recordkeeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges · press release 2021-262, paragraph describing charges · Checked 2026-10-14
54. 54
    On September 27, 2022 the SEC charged 15 broker-dealers and one affiliated investment adviser with recordkeeping failures over personal-device text messaging, with combined penalties of more than $1.1 billion.

    SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures · press release 2022-174, opening paragraph · Checked 2026-10-14
55. 55
    The firms in the SEC's September 2022 off-channel settlements agreed to retain compliance consultants to review their policies for retaining electronic communications on personal devices and their frameworks for addressing non-compliance.

    SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures · press release 2022-174, undertakings paragraph · Checked 2026-10-14
56. 56
    On August 14, 2024 the SEC announced settled off-channel recordkeeping charges against 26 broker-dealers, investment advisers and dual registrants with combined penalties of $392.75 million, ranging from $400,000 to $50 million per firm.

    Twenty-Six Firms to Pay More Than $390 Million Combined to Settle SEC's Charges for Widespread Recordkeeping Failures · press release 2024-98, opening paragraphs and penalty list · Checked 2026-10-14
57. 57
    In the August 2024 off-channel settlements three firms that self-reported (Truist Securities, Cetera Advisor Networks and Hilltop Securities) received reduced penalties.

    Twenty-Six Firms to Pay More Than $390 Million Combined to Settle SEC's Charges for Widespread Recordkeeping Failures · press release 2024-98, self-reporting paragraph · Checked 2026-10-14
58. 58
    On January 13, 2025 the SEC announced that nine investment advisers and three broker-dealers would pay $63.1 million combined to settle off-channel recordkeeping charges.

    Twelve Firms to Pay More Than $63 Million Combined to Settle SEC's Charges for Recordkeeping Failures · press release 2025-6, opening paragraph · Checked 2026-10-14
59. 59
    In the January 2025 off-channel settlements PJT Partners LP self-reported and paid a $600,000 penalty, which the SEC described as significantly lower than it otherwise would have been.

    Twelve Firms to Pay More Than $63 Million Combined to Settle SEC's Charges for Recordkeeping Failures · press release 2025-6, self-reporting paragraph · Checked 2026-10-14
60. 60
    Business SMS sent from a firm-provided UCaaS or contact-center number is subject to the same retention and supervision obligations as any other business text, because the obligation follows content rather than channel.inferred

    Regulatory Notice 17-18: Social Media and Digital Communications · Text Messaging Q1; Past Guidance: Recordkeeping · Checked 2026-10-14

Documents

Cite this page

WarmTransfer. (2026, October 14). FINRA and SEC recordkeeping for calls and texts. WarmTransfer. https://warmtransfer.net/knowledge/finra-sec-voice-recordkeeping

@misc{warmtransfer-finra-sec-voice-recordkeeping,
  title  = {FINRA and SEC recordkeeping for calls and texts},
  author = {{WarmTransfer}},
  year   = {2026},
  url    = {https://warmtransfer.net/knowledge/finra-sec-voice-recordkeeping},
  note   = {Verified 2026-10-14}
}