Legal Question in Securities Law in California

How long is a financial institution required to keep phone voice recording for account opening. Parent Company is Wells Fargo, Inc. The account is WellsTrade account, at Wells Fargo Advisors, LLC. Does Sarbanex-Oxley apply here? How long must voice recording be retained?

Asked on 10/15/13, 8:49 am

1 Answer from Attorneys

Andrew May May Law, PC

Dear Sir or Madam,

I do not believe that broker-dealers are required to tape these conversations, but if they do then it is either 3 or 6 years that the new account information is required to be kept. I do not think that Sarbanes-Oxley is triggered on this fact pattern. One thing that is not stated is what you think this information will do for you. Most, if not all, new account agreements contain a pre-dispute arbitration clause. That means that you will likely have to arbitrate your dispute before FINRA.

May Law PC

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Answered on 10/16/13, 3:38 pm

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