The brokerage regulator settled two cases related to the SEC’s rule this week; one securities attorney believes FINRA has now established itself as the “primary regulator” of the rule.

Dawson James Securities failed to retain more than 10,000 business-related texts, including consumer complaints and client conversations, over 10 years, according to FINRA.

The settlement with the self-directed trading firm comes several weeks after FINRA's first enforcement action targeting firms' use of social media influencers.