The SEC recently settled charges against 15 broker-dealers and one affiliated investment adviser (together, the Firms) for failure to maintain and preserve the employees’ electronic communications on their personal devices. The Firms admitted to the facts set forth in their respective SEC orders and agreed to retain compliance consultants to review their policies and procedures and pay combined civil penalties totaling over $1.1 billion.
For further information and observations regarding these enforcement actions, see S&K’s Client Alert, “SEC Charges Sixteen Firms for Recordkeeping Failures Related to Employee Use of Personal Devices,” here.