Regulatory Scrutiny of “Off-Channel” Communications Continues: …

Aug 11, 2023 · Regulatory Scrutiny of “Off-Channel” Communications Continues: 11 Wall Street Firms Agree to Pay the SEC $289 Million in Civil Money Penalties for Recordkeeping …

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Regulatory Scrutiny Of “Off-Channel” Communications Continues: …

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Aug 11, 2023 · Regulatory Scrutiny of “Off-Channel” Communications Continues: 11 Wall Street Firms Agree to Pay the SEC $289 Million in Civil Money Penalties for Recordkeeping …

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Regulatory Scrutiny Of “Off-Channel” Communications Continues: …

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Aug 11, 2023 · In September 2022, the SEC settled similar off-channel communications charges with 15 broker-dealers and one affiliated investment adviser for a combined $1.1 billion in civil …

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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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Off-channel Communications A Struggle For Most Financial Firms, …

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Jun 13, 2024 · Over the past year, these regulators have issued substantial fines for non-compliant off-channel communications, including $81 million in penalties against 16 firms by …

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FAQs about Regulatory Scrutiny of “Off-Channel” Communications Continues: … 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 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. ...

How many off-Channel Communications were sent during the SEC investigation?

During the course of its investigation, the SEC found that thousands of off-channel communications were sent during the applicable period. More specifically, “ [the Adviser] did not access employees’ personal devices to determine whether they were complying with the firm’s communication policies. ...

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. ...

How can financial firms capture off-Channel Communications?

In that vein, many financial firms have been and will continue to look at new products that can help capture off-channel communications (such as texting, WhatsApp, etc.) and store them in archiving platforms. ...