The staff of the Securities and Exchange Commission has plans to propose rules that would require that e-mails at investment advisory firms be retained for a specified period of time and be made available in certain formats, according to The Toronto Star. The SEC would also require firms to allow it access to any e-mail communications, including internal communications.

"It's likely that by the end of the year, the staff will recommend to the commission that the commission propose changes," Doug Scheidt, associate director in the SEC's office of investment management, said in an interview on Tuesday. This move, on the part of the SEC, is a reaction to the 2003 mutual fund trading scandals.

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