Wachovia fined by NYSE

Risk staff
01 Oct 2006

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Regulation

The NYSE member firm was disciplined for violating Section 17(a) of the Securities and Exchange Act of 1934 and NYSE Rule 440 by failing to preserve electronic records for more than three years.

The firm was also charged for violating NYSE Rules 342 and 342.17 by failing to reasonably supervise and control activities of its employees, including follow-up and review to assure compliance with NYSE Rules and federal laws.

NYSE found that from January 1999–April 2006, and in certain subsequent periods, the firm failed to provide for the review and retention of certain email communications as required by NYSE rules and the federal securities laws, on both operational and supervisory levels.

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