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Books and Records

Case calls out need to lock down the supervision of employee' business-related text messages, including those involving senior management
The Commission also noted that the lack of preserved records may have hampered their investigations
Firms recommended to proactively think about the intersection between business and technologies
The Commission staff’s investigation uncovered pervasive off-channel communications at all seniority levels at Cantor. The staff requested off-channel communications data from a sampling of more ...
The federal securities laws impose recordkeeping requirements on broker-dealers to ensure that they responsibly discharge their crucial role in our markets. The Commission has long ...
The firm failed to maintain and preserve off-channel communications its employees sent and received related to the broker-dealer’s business, CGMI received and responded to Commission ...
In September 2021, the Commission staff commenced a risk-based initiative to investigate whether broker-dealers were properly retaining business-related messages sent and received on personal devices. ...
Goldman Sachs’s widespread failure to implement its policies and procedures that prohibit such communications led to its failure to reasonably supervise its employees
Jefferies’ supervisors, who were responsible for preventing this misconduct among junior employees, routinely communicated off-channel using their personal devices
An associate on a derivatives trading desk exchanged more than 2,500 messages with Morgan Stanley colleagues, including several managing directors. The associate also texted with ...
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