SEC scrutiny into Wall Street communications shifts to investment funds - sources

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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SEC scrutiny into Wall Street communications widens to investment funds - sourcesWASHINGTON : 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 three people familiar with the inquiry.Late last month,
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

China to promote prudent trials of cross-border private equity fund investment -FX regulatorBEIJING : China will strengthen monitoring and analysing cross-border capital flows and risk prevention, the country's foreign exchange regulator said on Monday.China will prudently promote trials of cross-border private equity fund investment, the State Administration of Foreign Exchange (SAFE) said on i
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

What Are Singapore Treasury Bills and Are They a Good Investment? -Whatever the reason, if you’re hoping to reap a higher return on your excess cash, T-bills might just be your answer. In this guide, we will dive into the ins and outs of T-bills so you can decide if they’re a good addition to your portfolio.
Source: IndependentSG - 🏆 9. / 63 Read more »