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ARTICLE · 28 DECEMBER 2021

Firm Settles SEC And CFTC Recordkeeping Violations From Use Of Personal Communications

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A broker-dealer / swap dealer settled parallel SEC and CFTC charges for "widespread" recordkeeping failures related to communications on personal devices, personal email and Internet applications.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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A broker-dealer / swap dealer settled parallel SEC and CFTC charges for "widespread" recordkeeping failures related to communications on personal devices, personal email and Internet applications.

As outlined in the SEC Order and related CFTC Order, the agencies found that from January 2018 to November 2020 the firm failed to keep records of employee communications by employees sent on personal devices through text messages, WhatsApp and personal email accounts. The agencies stated that the firm's failure to respond to subpoenas regarding these communications with all of the requested information hindered their investigations. The firm later notified the agencies that the communications in question had been deleted and were unrecoverable.

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