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Work messages on personal devices cost 11 broker-dealers $289M
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Financial Stability
Friday, August 11, 2023
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The Securities and Exchange Commission announced charges against 10 broker-dealers and one dually registered broker-dealer and investment adviser for violating recordkeeping provisions of the federal securities laws by not preserving electronic “off-channel” communications.
The firms agreed to pay combined penalties of $289 million and implement improvements to their compliance policies and procedures to address the violations.
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