The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have made it clear they are serious about violations of off-channel communications rules by issuing massive fines against some of the world’s largest banks and investment firms.
The wave of enforcement actions likely has not yet crested. But the regulators have indicated they will be more forgiving to firms that voluntarily self-report violations and take remedial actions before being asked to do so.
