According to an article published in the NY Times today (reprinted here), new regulatory guidelines for internal and external electronic communications for Wall Street are expected to be released later this week. The guidelines are meant to bring more clarity to how new and evolving forms of text based electronic communication, such as email, IM and SMS text messaging should be governed and enforced to meet existing industry regulations.

“Though Wall Street has learned the consequences of paying too little attention to messages zipping through its corporate pipelines, other ways of communicating have cropped up faster than regulators have been able to address them.”

Although the specific guidelines are not yet published, the general principle is to implement solutions to monitor all text based electronic communications.

This also means prohibiting the use of personal email and instant messaging in order to prevent  bypassing the enterprises monitoring solutions. Some firms already block access to personal email web sites and suggest limiting the use of personal cellphones.

Technorati Tags: email monitoring, wall street, compliance, risk management, electronic communication, NYSE, NASD

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