SEC Criticized for Shoddy and Illegal Record Disposal
More than a year ago, National Archives associates called out the Securities and Exchange Commission for illegally destroying records of preliminary investigations. Since then, no formal plan has been agreed upon regarding which files to destroy and which to retain. As of now, these important documents are all risk.
The SEC’s policy regarding document disposal had long been to destroy the files of any case if the enforcement division officially closed the inquiry. Files are kept if the SEC decided to investigate a particular case. National Archives associates, however, maintain that many documents that should have been kept, were destroyed.
All companies in the United States are required by law to retain both physical and electronic copies of documents and data. Companies are required to do so under law to insure themselves against any incident in which data is destroyed or lost. Document management companies, like West Coast Archives, offer affordable solutions to these companies, and their data storage needs. West Coast Archives also complies with all regulations put forth requiring companies to retain copies of documents.