When it comes to dynamic messaging content from collaboration tools like Zoom, Slack, and Microsoft Teams as well as SMS, mobile messaging, and consumer applications like WhatsApp, the SEC’s updated recordkeeping Rule 17a-4 announced on October 12, 2022 signals a sea change for broker-dealers. The SEC replaced its antiquated “non-erasable, non-rewritable” electronic recordkeeping requirement in place since the late-90s with a technology-neutral approach centered around audit trail data, which provides far greater flexibility in implementation.
At Theta Lake, we welcome the modernization of Rule 17a-4 as it allows our financial services customers to more easily manage archiving controls for SEC-regulated electronic communications records. In addition, the spirit and letter of the revised Rule aligns with Theta Lake’s modern approach to the capture, retention, and supervision of complex, interactive video, voice, chat, and email conversation data.
As we noted in our 2022 Modern Communications Security and Compliance Report, 97% of firms are using two or more communication tools, so the ability to seamlessly and compliantly capture dynamic data across a range of platforms is key. With over 100+ platform integrations, Theta Lake enables easy and effective compliance with the SEC’s new recordkeeping requirements.
For customers, the updated Rule 17a-4(f) offers a flexible, audit trail-based option that makes it easier to retain dynamic data from electronic communications to databases and beyond. The revised Rule 17a-4(f)(2)(i)(A) allows broker-dealers to:
Marc Gilman

Recent Posts
Regulatory Perspectives From Theta Lake: SEC 17a-4 Modernization
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Topics: compliance, video conferencing, cryptocurrency, detections
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Topics: compliance, chat compliance, surveillance, monitoring, regulations, electronic communications
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Topics: compliance, supervision, monitoring
Our Response to Regulators on AI and ML in Financial Services
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Topics: voice compliance, regtech, surveillance, financial services
Theta Lake Perspective: SEC’s OCIE's 2021 Exam Priorities
On March 3, 2021, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced its 2021 Exam Priorities—the first such missive in the pandemic era. The Commission’s ability to be flexible and nimble in its approach to 2020 exams and plans for this year are laudable. To bolster that effectiveness, the recently created Event and Emerging Risk Examination Team will improve and expand OCIE’s rapid response capabilities. (I wrote more about the EERT here). Based on this year’s priorities, OCIE and EERT will be very busy in 2021.
Topics: compliance
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Topics: compliance, security, data leakage
Desjardins Case Highlights The Need for Better Oversight
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Topics: security, data leakage
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Topics: compliance