The Financial Industry Regulatory Authority (FINRA) issued final guidance on the review and supervision of electronic communications in December. The proposed guidance, issued in June 2007 by FINRA (then, NASD and NYSE Member Regulation), was discussed in the July 2007 Update. The final guidance, without imposing additional supervisory requirements, provides a guideline for members to follow when creating and implementing systems and procedures to review electronic communications. According to the guidance, the requirement to review electronic correspondence is based not on the particular electronic form of the communication (e.g., text message or e-mail), but on the content and target audience. For a detailed discussion of FINRA's final guidance, see our Broker Dealer Update on the subject, which is located on our website.