WASHINGTON -The U.S. Securities and Exchange Commission's scrutiny of how Wall Street handles work-related communications on personal devices and apps such as WhatsApp has expanded beyond broker-dealers to investment funds and advisers, according to four people familiar with the inquiry.
The SEC's enforcement unit has sent inquiries to a number of funds and advisers asking for information about their protocols for so-called"off-channel" business communications as recently as last week, the four sources told Reuters. The agency has asked firms to preserve and produce documents and share information on policies related to the use of devices and platforms, the sources said, speaking on condition of anonymity.
The SEC periodically conducts such sweeps to quickly gather information on issues it suspects may be widespread. Sweeps can sometimes, although not necessarily, lead to formal probes. The institutions did not preserve most of those personal chats, violating federal rules which require broker-dealers and other financial institutions to preserve business communications. That impeded the agencies' ability to oversee financial markets, ensure compliance with key rules, and gather evidence in other, unrelated investigations, the agencies said.
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