Are privately-held companies legally obligated to archive/backup all of their emails?

In light of the recent headline corporate scandals, I'm wondering if any laws regarding email deletion and/or archival policies have recently been passed or proposed?

Answers:
Privately held companies do not have to do anything. Of course it is good practice to keep these things, but because the company is not owned by the public it does not have to follow the same guildlines publically traded companies do.

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