The U.K.’s Office of Gas and Electricity Markets (Ofgem) fined Morgan Stanley 5.4 million pounds (U.S. $6.8 million) for allegedly failing to record and retain electronic communications by its wholesale energy traders over two years.

The penalty against Morgan Stanley & Co. International (MSIP), announced Wednesday, is Ofgem’s first fine levied against a firm for use of off-channel communications via WhatsApp for discussing energy market transactions, the regulator said.

Learn More
Already a member? Sign in to an existing account.

Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...