SEC Off-Channel Communications Enforcement Sweep Continues ...

3 days ago · On January 13, 2025, the U.S. Securities and Exchange Commission (the “SEC”) announced settled charges against twelve firms for recordkeeping failures related to off …

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

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Aug 16, 2024 · In the latest installment of its ongoing “off-channel” communications sweep, on Aug. 14, 2024, the Securities and Exchange Commission announced settlements totaling …

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Frank Mazzarelli - Municipal Securities Rulemaking Board - LinkedIn

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Regulatory enforcement has increasingly focused on off-channel communications, with the SEC and CFTC issuing over $2 billion in fines to financial institutions for record-keeping failures …

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FAQs about SEC Off-Channel Communications Enforcement Sweep Continues ... Coupon?

What does the SEC's 'off-Channel Communications sweep' mean for financial firms?

The SEC’s messaging regarding the off-channel communications sweep has consistently emphasized its expectation that firms across the financial industry will engage in proactive compliance with electronic record-keeping requirements. ...

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. ...

Did the SEC settle off-Channel Communications?

On September 23, 2024, the SEC announced its first settled off-channel communications action that resulted in no civil penalty or imposition of an ICC, as well as the first (and only) no-admit, no-deny settlement in these matters. The SEC charged Atom Investors LP with violations of, among other things, Advisers Act Rule 204-2. ...

Does the SEC have an off-Channel Communications case?

In 2021, the SEC’s Division of Enforcement brought its first off-channel communications case against a major financial institution, and has continued to consistently file such cases over the past three years. ...

Who has been charged by the SEC for off-Channel Communications?

The firms charged included broker-dealers, investment advisers, and dually registered broker-dealers and investment advisers as well as one family of firms that self-reported conduct to the SEC. To date, the SEC has charged over 40 registrants and leveled over $1.6 billion in penalties as part of its off-channel communications matters. ...

Will the SEC charge investment advisers for off-Channel Communications?

In certain of these September 29 cases — and some before then — the SEC has also charged investment advisers (including dually registered broker-dealers and investment advisers) for off-channel communications where the record-keeping standard is narrower and more nuanced. ...