Egnyte’s Content Lifecycle Policies can ensure that the organizations comply with FINRA document retention requirements. Files subject to FINRA must be retained for 6 years.
The article covers the steps to configure Egnyte to enforce a 6-year retention policy.
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Configuration Steps – Active locations
Configuration Steps – Inactive Locations
FINRA Letter Screenshot(s)
Configuration Steps – Active locations
- Identify domain(s) where files subject to FINRA compliance rules are stored. Log in to Egnyte and navigate to the Secure & Govern -> Settings -> Content Lifecycle.
- Do not configure a default retention policy as the default policy will apply only to files not subject to a defined policy and cannot be locked against changes. Instead, choose to create a new Retention policy by clicking on Add policy -> Retention.
- Name the policy FINRA Retention Compliance and give it a description. Make sure the policy applies to Files and not Projects or Folders. Select Active locations and then click Next to move to the next section.
- Select the source(s) where the files for applying the retention policy are located. Click Next to continue.
- Users can build content lifecycle policies by selecting the folders where the data they want to protect is located, or by selecting a content classification policy. Egnyte recommends using the folder criteria to build the FINRA retention policy. Select either Any of these criteria or All of these criteria.
- Click on Configure to select folders and choose the entire Shared and Private folders to apply the retention policy to all files. Egnyte recommends applying the policy broadly to ensure compliance. Click on Save.
- Click on Configure to select the classification policies as the criteria. Choose classification policies and click on Save.
- Select the retention rules. Retain files for 6 years from creation by selecting Custom retention period and 6 years in the Files will be retained for field. This rule extends to versions. Every version of a file will be retained for 6 years from its version creation date. Then choose what should happen to the files after the retention period is over. Click Next.
- Review the newly created policy and then click Save as Draft. Saving the policy as a draft will allow you to ensure the policy is applying to the correct files.
- Review the results of the draft policy in the Draft status, click on the policy to open it and then click on Publish.
Click on Publish to confirm. - Once the policy is published, open the policy and click on the three dots icon -> Lock policy. Locking the policy will ensure compliance and the policy cannot be changed. Egnyte requires the policy to be locked before providing the FINRA compliance letter. Once locked, contact Egnyte Support to make changes to it. It is recommended to thoroughly review the results of the draft policy before publishing and locking it.
Configuration Steps – Inactive Locations
If the Inactive area is available in the domain, an additional policy will need to be created to apply retention to those files. The steps are the same with two exceptions:
- In the Details step of the policy configuration, select the Inactive locations option
- In the Criteria step of the policy configuration, select the entire Inactive folder
FINRA Letter Screenshot(s)
When requesting a FINRA letter from Egnyte, a screenshot of the locked policy(s) are required. The screenshot(s) should be of the locked policy(s) in the retention policy list. If all policies cannot be included in a single screenshot, users can scroll to see the list and provide multiple screenshots for all relevant policies.