Regulators fine Wall Street firms $549 million for using WhatsApp and other channels to discuss business

The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million. The SEC said its investigation uncovered “pervasive and longstanding ‘off-channel’ communications” at Wells Fargo, BNP Paribas, SG Americas, BMO Capital Markets, Mizuho Securities, Houlihan Lokey, Moelis, Wedbush and SMBC Nikko Securities America.

The settlement is the latest in a broader crackdown by regulators into how the industry failed to maintain and preserve electronic communications by using personal devices. Another regulator, the Commodity Futures Trading Commission, also fined four of the same Wall Street firms for failing to maintain records and failing to supervise matters related to their businesses.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Rivian earnings: Wall Street eyes $1 billion in Q2 revenue for EV makerWall Street is looking for Rivian to hit $1 billion in quarterly revenue and keep a lid on costs.
Источник: MarketWatch - 🏆 3. / 97 Прочитайте больше »

U.S. stocks open higher as Wall Street comes off its worst week since MarchU.S. stock indexes opened higher on Monday morning after the S&P 500 and Nasdaq Composite closed out their worst weekly performance since March. Investors’...
Источник: MarketWatch - 🏆 3. / 97 Прочитайте больше »

UBS rejigs investment bank in bid to better compete with Wall StreetUBS announced an overhaul of its investment banking division on Monday, including naming the unit's M&A chiefs, marking a key step in integrating Credit Suisse.
Источник: Reuters - 🏆 2. / 97 Прочитайте больше »