Stay Compliant in Off-Channel Communications Under Scrutiny

Jun 27, 2024 · Financial regulators, including the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), have ramped up their scrutiny of …

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SEC Fines 12 Credit-Rating Firms $88M For Violations | LeapXpert

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Oct 3, 2024 · Regulators Are Taking Off-Channel Communication Seriously: A Growing List of Fines The SEC’s recent decision to fine 12 credit-rating firms a collective $88 million for off …

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Twelve Firms To Pay More Than $63 Million Combined To Settle …

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Jan 13, 2025 · Each of the SEC’s investigations uncovered the use of unapproved communication methods, known as off-channel communications, at these firms. As described in the SEC’s …

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SEC Collects $390 Million In Latest Crackdown On ‘Off-Channel ...

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Aug 16, 2024 · In 2023, the SEC announced further settlements with more than 20 broker-dealer and associated investment adviser firms related to failure to preserve off-channel communications, including on personal messaging platforms. 2 In April 2024, the SEC announced its first off-channel communications case against a stand-alone registered investment adviser.

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Financial Firms Hit With Another $470M In 'Off-Channel' …

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Aug 15, 2024 · News Financial Firms Hit With Another $470M in 'Off-Channel' Communications Fines The 3-year-old crackdown now has yielded more than $3 billion in penalties, and …

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Firms Have To Ready Themselves For The Off-Channel …

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Sep 26, 2024 · Last month, the SEC and the Commodities Futures Trading Commission struck again, collectively fining financial services firms over $470 million for off-channel …

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Banks Fined $2 Billion For Employees’ “Off-Channel” …

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Nov 16, 2022 · On September 27, 2022, the U.S. Securities and Exchange Commission (SEC) announced settlements against 11 major financial institutions, resolving an industry sweep into …

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FAQs about Stay Compliant in Off-Channel Communications Under Scrutiny Coupon?

What happened to 'off-Channel Communications'?

On August 14, the U.S. Securities and Exchange Commission (“SEC”) announced yet another wave of enforcement actions related to widespread “off-channel communications,” charging an additional 26 firms with failing to maintain employee communications on personal devices which related to the firms’ business. ...

What are 'off-Channel Communications'?

Each of the SEC’s investigations uncovered the use of unapproved communication methods, known as off-channel communications, at these firms. ...

What does the SEC say about off-channel communication?

The SEC emphasizes that individuals in supervisory roles, such as senior management, partners, or managing directors, exchanged off-channel communications with multiple colleagues, including junior employees under their supervision. ...

Are government investigators taking 'off-Channel' Communications seriously?

As evidenced by the SEC’s recent collection of $2 billion in fines, government investigators are taking the issue of “off-channel” communications seriously. We expect this trend to not only continue, but to grow. Managing off-channel communications is more than a compliance issue—it’s also a business issue. ...

Is managing off-Channel Communications a compliance issue?

Managing off-channel communications is more than a compliance issue—it’s also a business issue. Companies need to know what their employees are saying to colleagues, customers, and regulators. And, as important, they need to have appropriate procedures to retain that information. ...

Are 'off-Channel' Communications a risk?

Every industry faces similar risks with respect to “off-channel” communications, and government investigators are increasing their scrutiny of companies’ attempts to remediate the issue. ...