SEC Penalties for Off-Channel Communications: Still Blowing in …

Sep 30, 2024 · The SEC has increased its enforcement efforts against firms that are registered as broker-dealers and/or investment advisers for alleged violations of federal securities laws involving “off-channel communications.” Such communications generally include those made …

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SEC Enforcement Of Off-Channel Communications Continues

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Sep 10, 2024 · On August 14, 2024, the Securities and Exchange Commission (“SEC”) announced a $392.75 million civil penalty settlement of charges against 26 broker-dealers, …

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SEC Continues Focus On Off-Channel Communications - The …

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Sep 10, 2024 · The SEC announced that 26 financial firms have agreed to pay over $390 million in combined penalties to settle charges related to extensive recordkeeping failures. The bases …

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SEC.gov | Two Robinhood Broker-Dealers To Pay $45 Million In …

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Jan 13, 2025 · Additionally, both firms agreed to conduct an internal audit concerning off-channel communications compliance, and Robinhood Securities agreed to certify its remediation of the …

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SEC Off-channel Communications Enforcement Sweep Continues ...

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5 days ago · The monetary penalties per firm generally ranged from $12 million to $4 million. The penalty for one of the settling firms was limited to $600,000 because it had self-reported to the …

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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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SEC Hits 11 Firms With $88 Million In Penalties For Off-Channel ...

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The latest fines add to the growing total of penalties—now in the billions—that the SEC has assessed for unauthorized communications that go unrecorded. In late 2021 the agency said …

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SEC Enforcement Sweep Regarding Off-Channel Communications …

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The penalties for the self-reporting firms ranged from $1.6 million to $5.5 million. These settlements resulted from the SEC Division of Enforcement’s ongoing Initiative to Investigate …

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SEC Fines 16 Firms More Than $81 Million For Off-Channel …

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On February 9, 2024, the U.S. Securities and Exchange Commission (SEC) announced its latest round of settlements associated with "off-channel" communications.

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Table: SEC, CFTC Off-channel Communications Penalties

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Feb 9, 2024 · The Securities and Exchange Commission and Commodity Futures Trading Commission have combined to levy nearly $3.5 billion in penalties (so far) against firms and …

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SEC Charges 26 Firms For Off-Channel Communications Violations

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Aug 14, 2024 · More than two dozen broker/dealers and RIAs agreed to pay a combined $392.75 million in penalties, including Raymond James, LPL, Edward Jones and Osaic, among others.

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FAQs about SEC Penalties for Off-Channel Communications: Still Blowing in … Coupon?

How much did the Commission fine a company for 'off-Channel Communications'?

The commission on Tuesday said it had fined 11 firms more than $88 million to resolve the allegations of so-called off-channel communications. ...

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. ...

Why is the SEC charging 26 broker/dealers for off-Channel Communications?

The Securities and Exchange Commission continues to crack down on practices around off-channel communications, with the regulator charging 26 broker/dealers and registered investment advisors this week for “widespread and long-standing failures” to maintain electronic communications. ...

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. ...

Which companies were fined $81 million for not preserving off-Channel Communications?

In February, the commission fined 16 firms more than $81 million to settle charges they didn’t preserve off-channel communications, including Northwestern Mutual, Guggenheim Securities, Oppenheimer & Co. and Cambridge Investment Research. ...

Which companies have settled charges with the SEC in off-Channel Communications?

Here are the other entities that settled charges with the SEC in the latest off-channel communications action: · CIBC World Markets, along with CIBC Private Wealth Advisors, is paying a $12 million penalty; · Glazer Capital is paying a $2 million penalty; · Intesa Sanpaolo IMI Securities is paying a $1.5 million penalty; ...