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Email Retention Regulations

Information from technology firm Waterford Technologies and other sources contributed to this grid of the various regulatory frameworks affecting email retention.

 

Regulations

Industry Affected

Impact

Penalties/Non-Compliance

NASD Rules 3010 and 3110

Securities

Retain Customer Correspondence for Up to 6 years

Fines

Sarbanes-Oxley

Public Corporations

Best to Retain all documents and emails – Corporate Accountability

Fines to $5MM and 20 years Imprisonment for destroying emails

COSO

Public Corporations

Best to Retain all documents and emails – Corporate Accountability

Fines May be Covered Under Sarbanes-Oxley

Gramm-Leach-Bliley

Financial Institutions

Requires protection of non-public personal information for outside distribution

Fines and up to 5 years Imprisonment

California Privacy Law (SB 1386)

Any Company Doing Business with California Residents

Requires protection of non-public personal information for outside distribution

Civil Action Allowed for “Injured” Customers

HIPAA

Medical

Patient Privacy and ensure document integrity

Fines to $250K and Imprisonment up to 10 years

Freedom of Information Act

Any Company Doing Business with any Federal or State Agency or Funded Institution

Requires Information to be made Available to the Public for Inspection

Potential Damage to Corporate Reputation

ISO 17799

Potentially Required for Cyber-Liability Insurance

Guidelines to Monitor and Protect Information Infrastructure

Potential Damage to Corporate Reputation

USA Patriot Act

Potentially any Entity in the USA

Laws to Require Information Disclosure to Protect Against Terrorism

Fines and Imprisonment

Canadian Personal Information and

Any business under legislative authority

Requires protection of non-public

Fines up to $100K

Electronic Documents Act

of Parliament

personal information for outside distribution

Canadian Ontario Securities Commission, Commodity Futures Act

Canadian Commodities Trading Institutions

Provides protection against misleading information and requires document retention

Fines up to $5 million and Imprisonment up to 5 Years minus one day

Canadian, Ontario Securities Commission, Securities Act

Canadian Securities Trading Institutions

Enhances CEO and CFO accountability along with tighter financial reporting

Fines up to $5 million and Imprisonment up to 5 Years minus one day

Florida Sunshine Act

Any business under legislative authority

Emails sent or received by state employees are public records and are subject to public disclosure unless otherwise exempted. The law further states that a public record may be destroyed or otherwise disposed of only in accordance with retention schedules established by the Division of Library and Information Services of the Department of State.   

FDA

Food, drug, agriculture

Business records that were created and maintained electronically must comply with all the same archival requirements as hardcopy
documents (including audit trail, system security, system self-check, etc.).

FERC (CFR TITLE 18)

Energy

Title 18 Chapter 23 Correspondence and
working papers in connection with the making of rates and compliance of tariffs, classifications, division sheets, and circulars
affecting the transportation of property. Must be retained for 2 years after cancellation of tariff.

 



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