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

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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 three people familiar with the inquiry.Late last month,

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 three 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 this month, the three sources told Reuters recently. 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 has been aggressive on enforcement under Democratic leadership and the industry probe into the banks was a landmark case for the SEC and the Commodity Futures Trading Commission, marking one their largest collective resolutions. Like broker-dealers, investment companies and registered investment advisers are required by the SEC to maintain records of business communications.

 

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