Regulators have grown increasingly concerned about unapproved communication methods, noting that failure to maintain proper records can thwart oversight and investigations
are paying multimillion-dollar penalties to settle charges with the U.S. Sec urities and Exchange Commission over their employees’ unapproved communication methods.
TD Bank is also paying a US$78-million civil penalty to settle charges with the Commodity Futures Trading Commission over the same issue. “Each of the SEC’s investigations uncovered pervasive and long-standing use of unapproved communication methods, known as off-channel communications, at these firms,” the regulator said in a statement. Conversations by personal text message and chat apps, such as WhatsApp, fall into this category.
Brokers, swaps dealers and investment advisers that are registered with the two U.S. agencies have record-keeping requirements. Regulators have grown increasingly concerned about dealers’ use of personal devices, noting that failure to maintain proper records can thwart oversight and investigations into potential wrongdoing.
Sec Matter Bank Communication Use Statement Failure Cowen And Co. TD Bank CFTC
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