Assuming that the SEC’s use of encrypted emails is necessary and justified (which I doubt), “smail” poses several operational disadvantages compared to regular email. The most obvious disadvantage is the inconvenience of not being able to read, or respond to, the message using one’s regular Outlook email program…. The program’s undisclosed miserly email retention policy presents other problems. Sent and received emails apparently are kept for only 90 days, and there is no obvious way to archive or store older emails. For instance, users may not store older emails in folders created for that purpose. Given the importance of email communications, which the Enforcement staff is using smail to send subpoenas and correspondence, the SEC’s unwillingness to provide users with a means of storing emails is inexcusable.
‘Enforcement 40’ for 2020
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