SEC Fines Firms $1.1B for Texting Record-Keeping Failures

‘Reasonably Designed’ Policies
September 26, 2022
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SEC Fines Firms $1.1B for Texting Record-Keeping Failures

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The Securities and Exchange Commission is fining 15 broker/dealers and one affiliated investment advisor $1.1 billion to settle charges of “widespread and long-standing failures” when it comes to the firms’ communication practices.