Recordkeeping Archives

Goldman Sachs settles $6m SEC penalty for incomplete blue sheet submissions

Jack J. Kelly Recordkeeping, SEC, Securities and Exchange Commission September 25, 2023

The SEC has detailed that for almost a decade, Goldman presented over 22,000 insufficient blue sheet submissions. Due to 43 varied mistakes, these submissions were devoid of or displayed incorrect transaction data for a minimum of 163 million deals. The SEC’s findings also highlighted ...Read More

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SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures

Jack J. Kelly Broker Dealer, Recordkeeping, SEC, Securities and Exchange Commission August 11, 2023

The Securities and Exchange Commission today announced charges against 10 firms in their capacity as broker-dealers and one dually registered broker-dealer and investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted ...Read More

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SEC fines JPMorgan subsidiary for deleting 47 million emails, some related to subpoenas

Jack J. Kelly Banks, Investigation, Recordkeeping, SEC, Securities and Exchange Commission June 23, 2023

The Securities and Exchange Commission fined the broker-dealer subsidiary of JPMorgan Chase $4 million for accidentally deleting about 47 million emails from early 2018, according to an administrative order Thursday. Some of those deleted emails were sought by subpoenas in at least a dozen regulatory investigations, but could no longer be retrieved, the ...Read More

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HSBC and Scotia hit with fines over WhatsApp use

Jack J. Kelly Recordkeeping, Securities and Exchange Commission, Whatsapp May 12, 2023

Amid the ongoing banking crisis in the United States, financial regulators continue scrutinizing major traditional finance companies like HSBC and Scotiabank. The Securities and Exchange Commission (SEC) has charged HSBC’s securities arm, HSBC Securities (HSI), and Scotiabank’s investment subsidiary, Scotia Capital, with penalties over recordkeeping ...Read More

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Wealth Managers Must Prepare for the SEC Crackdown on Electronic Communications

Jack J. Kelly Recordkeeping, SEC, Securities and Exchange Commission October 10, 2022

The SEC’s recent announcement of $1.8 billion in fines against 16 financial institutions over electronic communications violations have revealed widespread and firmwide compliance failures at all levels. Maintaining records of advisor-client interactions may seem an arcane area of financial regulation, but the SEC views ...Read More

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SEC Risk Alert: Upcoming Marketing Rule Compliance Date and Adviser Exam Focus Areas

Jack J. Kelly Advertising Review, Investment Advisers, Marketing Review, Marketing Rule, Policies and Procedures, Recordkeeping, SEC, Securities and Exchange Commission October 5, 2022

With the November 4, 2022 deadline for investment advisers to comply with the requirements and prohibitions for advertisements under the amended Advisers Act Rule 206(4)-1 (Marketing Rule) only a few weeks away, the U.S. Securities and Exchange Commission (SEC) Division of Examinations (EXAMS) issued ...Read More

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