A view of the New York Stock Exchange on the corner of Wall St. and Nassau St. Photo: Ryland West/ALM Wall Street Sweep: Handling Personal Devices, Ephemeral Messaging and Privacy Rights
The SEC and the CFTC recently announced billion dollar settlements against several Wall Street financial institutions involving "widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications," in violation of recordkeeping requirements in the federal securities laws. The magnitude of the fines underscore the importance of firms' record-keeping to regulators.
November 10, 2022 at 10:00 AM
11 minute read
On Sept. 27, 2022, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) announced settlements totaling approximately $1.8 billion in fines and penalties against 16 Wall Street financial institutions. (There was also a prior December 2021 settlement between the regulators and a broker-dealer subsidiary of JPMorgan Chase that involved a $200 million fine for alleged failures to retain and track work-related communications on personal cellphones between January 2018 and November 2020. See JPMorgan Admits to Widespread Recordkeeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges, SEC Press Release, Dec. 17, 2021.)
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