$35M SEC Fine Underscores Growing Data Retention Focus—and Shortcomings




$35M SEC Fine Underscores Growing Data Retention Focus—and Shortcomings | Law.com
















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ANALYSIS

While the SEC’s penalty on Morgan Stanley Smith Barney may have alerted attorneys to regulators’ focus on data retention policies, attorneys note that such fines may be unavoidable for some.

October 07, 2022 at 11:24 AM

4 minute read

Days after the U.S. Supreme Court overturned Roe v. Wade, attorneys across the country spoke about the need for business to reassess all their consumer and employee data to figure out how to better secure it.

And if the concerns around data retention weren’t high enough since then a $35 million penalty imposed by the U.S. Securities and Exchange Commission (SEC) on Morgan Stanley Smith Barney for violating the Safeguards Rule and the Disposal Regulation is likely another wakeup call for businesses.

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