NEW YORK – The US SecSEC)
The regulatory body known as the Securities and Exchange Commission (SEC).SEC) is finalizing settlement
There are approximately 24s. Wall Street firms
According to two individuals familiar with the situation, efforts are being made to address issues with record-keeping discrepancies.
The settlement U.S.
The recent action taken against broker-dealers and investment advisers is the latest in a series of enforcement measures in the United States. SEC
The two-year enforcement of
Wall Street‘s use of WhatsApp
Other unauthorized messaging applications have led to over $2 billion in penalties thus far.
Under the deals being finalized with the SEC, the firms review its practices
The company has agreed to pay penalties, acknowledge their mistakes, and take steps to address the deficiencies. This includes bringing in outside experts to examine their procedures. over
The two are transporting their record-keeping systems. sources
One person mentioned. Another person stated something. firms
The payment could potentially reach $50 million.
The SEC highest
The anticipation is for the disclosure of exceptionally high figures. settlement
According to a third source familiar with the situation, the negotiations are still ongoing as one group prepares for its fiscal year-end on Sept. 30.
The sourcesuseuse SEC investigations are confidential, said roughly two dozen firms
Participation is confirmed, but Reuters is currently unable to determine their identities.
A minimum of 16 brokerages and financial advisors have stated in official documentation that the SEC
is investigating their correspondence, which includes Truist Financial Corp. US
The companies include Bancorp, Voya Financial Inc., LPL Financial, Interactive Brokers, and Oppenheimer.
On August 7th, Fifth Third Bancorp announced. SEC filing that it is “engaged in settlement
The company had “discussions” regarding the issue and does not expect it to significantly affect its finances.
Spokespeople for the SEC, Fifth Third, LPL, US
Bancorp, Truist, Oppenheimer, and Interactive Brokers all chose not to provide a statement. Voya did not reply to inquiries for a statement.
The SEC has previous
I successfully negotiated two additional large groups. settlements as part of its “off-channel” communications probe.
The organization has thus far taken 30 enforcement actions related to this matter, including against different entities within the same group.
In Augusand Citigroup, $1.4 billion for their involvement in the “robo-signing” scandal
Nine Wall Street firms, including Wells Fargo and Citigroup, were fined a total of $1.4 billion by regulators for their involvement in the scandal known as “robo-signing.”WFC.N and Societe Generale, a combined $549 million over employees’ use of personal messaging apps. In September 2022, it fined 16 firms, including Goldman Sachs, Morgan Stanley, Citigroup and Bank of America, $1.8 billion for similar lapses.
trade war, China has announced retaliatory tariffs on $60 billion worth of U.S. goods.
Reuters reported on Monday that China has retaliated in the ongoing trade war by imposing tariffs on $60 billion worth of American goods. probe
In the past few months, the SEC has gathered communications and other messages from over twelve investment advisors, such as private equity and hedge funds, intensifying their inquiry.
Many companies do not closely monitor personal messaging channels. using them to discuss business puts SECidders
Employers who are not complying with the requirement to record all bidders are in violation of regulations.usiness communications.
started to focus on Wall Street‘s record-keeping problem when JPMorgan Chase failed to provide documents from at least 2018 pertaining to an unrelated probe victims
As per a 2021 agreement, the bank has committed to compensating the victims. SEC
$125 million to settle allegations over record-keeping lapses. – Reuters