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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-04-08T17:35:00
The deputy director of the Division of Enforcement at the Securities and Exchange Commission (SEC) discussed the agency’s rationale for issuing widely disparate penalties for off-channel communications recordkeeping violations, as well as violations of its amended marketing rule.
During remarks delivered Wednesday at the agency’s SEC Speaks event, Sanjay Wadhwa noted the SEC has charged nearly 60 firms—including investment advisers, broker-dealers, and credit ratings agencies—and levied nearly $1.7 billion in penalties for recordkeeping violations related to use of off-channel communications by employees for conducting business. The agency’s fines have ranged from as high as $125 million for some of the country’s largest banks, including JPMorgan Chase, Citi, Goldman Sachs, and Bank of America, to less than $3 million for some firms.
Wadhwa said the agency is not “picking numbers at random,” as some critics have suggested. The penalties are individualized for each firm. For recordkeeping violations, he said the agency considers:
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2024-06-18T15:10:00Z By Aaron Nicodemus
Two senior officials from the Securities and Exchange Commission and Commodity Futures Trading Commission described how both agencies are committed to rooting out off-channel communications among registered entities for the long term.
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A Securities and Exchange Commission action against former registered investment adviser Gainvest Legal Corp. yielded a notable takeaway for others in the industry engaging consultants for compliance program support.
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Zoom Chief Privacy Officer Lynn Haaland discusses with Compliance Week the market forces that led the company to offer Zoom Compliance Manager, which helps firms handle off-channel communications issues on the platform.
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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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