NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

AXA Advisors, LLC
AWC/EAF0401030001

The Firm 

• did not adequately retain and archive back-up tapes, 
• permitted representatives to change their desktop computer settings to stop outgoing emails from being retained automatically, and 
• did not prevent representatives from deleting emails or moving incoming emails to their desktops prior to daily backups so that emails would not be retained automatically. 
• utilized an email system that overwrote email back-up tapes that contained emails employees sent or received every three or four weeks. 
• permitted representatives to use, or failed to prevent them from being able to use, public instant messaging and other means of electronic communications without retaining the communications. 
• implemented a new email retention system, but the system malfunctioned and the firm did not have adequate systems and procedures in place to detect and prevent the malfunctions. 

"FINRA found that the deficiencies did not result in the firm’s failure to produce emails that were material to any regulatory investigation or legal proceeding."

AXA Advisors, LLC: Censured; Fined $350,000