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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-09-29T15:31:00
A dozen financial services firms were penalized by the Securities and Exchange Commission (SEC) as the agency continues its enforcement sweep of recordkeeping violations regarding employee use of off-channel communications for business purposes.
The latest round of fines announced Friday targeted broker-dealers, investment advisers, and credit rating agencies. The largest penalty the SEC assessed was $35 million against Interactive Brokers Corp. and its affiliate Interactive Brokers LLC. The Commodity Futures Trading Commission (CFTC) also fined Interactive Brokers $20 million.
The CFTC did not levy any additional penalties against firms disciplined by the SEC. In previous sweeps, the agencies combined to dish out fines totaling $200 million or more to many of the world’s largest banks, including Bank of America, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, UBS, and Wells Fargo.
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News and analysis for the well-informed compliance or audit exec.
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2024-02-09T17:00:00Z By Compliance Week
The Securities and Exchange Commission and Commodity Futures Trading Commission have combined to levy about $2.8 billion in penalties (so far) against firms and their affiliates in response to recordkeeping failures regarding employee use of off-channel communications for business purposes.
2023-11-08T20:10:00Z By Aaron Nicodemus
A New York state law that takes effect next year will make it more difficult for registered investment advisers in the state to conduct proactive testing for violations of their firms’ off-channel communication policies.
2023-11-01T16:00:00Z By Adrianne Appel
Businesses must step up their internal policing and do a better job of reporting violations to the Securities and Exchange Commission, according to Gurbir Grewal, director of the agency’s Enforcement Division.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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