News & Analysis as of

Text Messages Securities and Exchange Commission (SEC) Recordkeeping Requirements

Sullivan & Worcester

SEC and CFTC Continue Their Lucrative Pursuits of Penalizing Unapproved Communication Methods

Sullivan & Worcester on

SEC's and CFTC's Enforcement Actions Against Multiple Firms - In its continued pursuit of rooting out and penalizing broker-dealers and investment advisers for their failure to prevent unapproved communication methods, the...more

K&L Gates LLP

The SEC Fines Stand-Alone Adviser for Off-Channel Communications

K&L Gates LLP on

Overview - On 3 April 2024, the US Securities and Exchange Commission (the SEC) announced the first settlement with a stand-alone registered investment adviser for, among other things, failures to maintain and preserve...more

Troutman Pepper

How to Avoid a Similar Fate? SEC Charges Firms With Record-Keeping Violations for Off-Channel Communications

Troutman Pepper on

On February 9, the Securities and Exchange Commission (SEC) announced settlements with 16 firms relating to record-keeping violations stemming from off-channel communications totaling $81 million. The 16 firms were five...more

TransPerfect Legal

Chatting without Penalty: The Evolving Role of Instant Messaging in Legal Matters

TransPerfect Legal on

I. The Phenomenon of Instant Messaging- Evolution and Proliferation- From basic platforms like IRC and AIM to globally dominant apps such as WhatsApp and Telegram, instant messaging (IM) has witnessed a radical...more

Thomas Fox - Compliance Evangelist

Messaging App Compliance in Regulated Industries: Lessons from Recent Enforcement Actions

In recent years, regulated industries, particularly broker dealer firms like Wells Fargo and Morgan Stanley, have faced increased scrutiny from regulatory bodies due to their lack of compliance in policing messaging apps. The...more

Vinson & Elkins LLP

Don’t Text and Trade: SEC Continues Investigation into Wall Street Communications

Vinson & Elkins LLP on

In the wake of the collapse of two major U.S. banks, America’s public attention has refocused once again on the oversight and integrity of the financial markets. Amidst this backdrop, on March 10, 2023, Edward D. Jones &...more

Vinson & Elkins LLP

Don’t Forget the G: After Years of “Environmental” and “Social” Regulations and Enforcement, the SEC’s Recent Priorities...

Vinson & Elkins LLP on

The SEC has been busy under the Biden administration. From rulemaking to enforcement, the agency is pushing boundaries and expanding its reach into new and active areas of the market....more

Amundsen Davis LLC

Regretful Texts? Texts Cost Broker-Dealers $1.1 Billion

Amundsen Davis LLC on

Broker-dealers are required to maintain records of any communications received relating to the firm’s business. The SEC recently charged 16 broker-dealers with recordkeeping violations for off-channel communications that were...more

Hanzo

Compliance Update: Unauthorized Messaging Apps Lead to 1.8B in Fines

Hanzo on

According to a recent press release from the Securities Exchange Commission (SEC), sixteen Wall Street firms were fined for widespread and longstanding failures by the organizations and their employees to maintain and...more

Bilzin Sumberg

SEC Probes Recordkeeping Lapses Arising from Use of Personal Emails and Messaging

Bilzin Sumberg on

In the last few weeks, several major U.S. financial institutions have disclosed to investors that the United States Securities and Exchange Commission (“SEC”) and/or the Commodities Future Trading Commission (“CFTC”) are...more

A&O Shearman

SEC And CFTC Bring $200 Million Settled Action Against Financial Institution For Alleged Violations Of Record-Keeping Requirements...

A&O Shearman on

On December 17, 2021, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) announced that each had entered into an agreement with J.P. Morgan Securities (the “Company”) to resolve...more

BCLP

Financial Professionals Texting Clients? SEC Signals Compliance Failures Can Lead to Significant Penalties

BCLP on

On September 23, 2020, the U.S. Securities and Exchange Commission (“SEC”) entered an Order Instituting Administrative and Cease and Desist Proceedings (“Order”) against a broker-dealer, JonesTrading Institutional Services,...more

Akin Gump Strauss Hauer & Feld LLP

SEC OCIE Issues Guidance on Advisers’ Recordkeeping Requirements for Electronic Messaging Following its Sweep Examination

• On December 14, the SEC’s OCIE issued a Risk Alert summarizing the findings of its limited-scope examination initiative relating to electronic messaging. • Noting a “pervasive use” of electronic messaging by adviser...more

13 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide