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Regulatory Alert: The SEC Just Sent a Message - $1.1B in WhatsApp & Mobile Texting Fines. Now What? (SMALL FIRMS)

The days of pretending are over. The $1.1B in fines issued by the SEC to 16 Wall Street firms this week for recordkeeping failures related to personal devices and mobile applications has made one thing clear. Compliance Officers must finally deal with mobile messaging apps once and for all.

Failing to abide by SEC rules? They will find you, and fine you.

“Today’s actions – both in terms of the firms involved and the size of the penalties ordered – underscore the importance of recordkeeping requirements: they’re sacrosanct. The time is now to bolster your record retention processes and to fix issues that could result in similar future misconduct by firm personnel.” **

Don’t get caught by surprise – join us for a special regulatory alert event to learn more about the record breaking fines, industry response, and what actions firms should take immediately. During this special event you will learn:

>How to identify blindspots, gaps, and cracks in your recordkeeping processes and technology

>Concrete next steps you can take now to ensure your recordkeeping strategy isn’t exposing you to costly risk

>How to evaluate and upgrade supervision processes and technology to reduce false positives and identify other prohibited use among your communications

>How to self-remediate any deficiencies and start implementing measures to prevent violations

>Approaches to quickly detect and integrate the capture of voice, text and popular apps like WhatsApp, Telegram and Signal into your existing compliance / e-discovery systems

**Quotes taken from SEC Press Release titled SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures. Firms admit to wrongdoing and agree to pay penalties totaling more than $1.1 billion. Released September 27th, 2022. https://www.sec.gov/news/press-release/

Oct 4, 2022 04:00 PM in Eastern Time (US and Canada)

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