The NASD has advised its members that they must save all instant message communications for at least three years and ensure that those messages follow guidelines for sales literature and correspondence. Similar rules already apply to the use of e-mails.

Independent broker/dealers will probably ask their employees and registered representatives to restrict or do away with instant messaging rather than submit to the onerous task of keeping records of such communications, consultants said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.