CellTrust Blog

Securities and Exchange Commission charges 16 wall street firms with widespread recordkeeping failures

“Finance, ultimately, depends on trust. By failing to honor their recordkeeping and books-and records obligations, the market participants we have charged today failed to maintain that trust,” said SEC Chair Gary Gensler.

“Since the 1930s, such recordkeeping has been vital to preserve market integrity. As technology changes, it’s even more important that registrants appropriately conduct their communications about business matters within only official channels, and they must maintain and preserve those communications. As part of our examinations and enforcement work, we will continue to ensure compliance with these laws.”

Learn more: https://www.sec.gov/news/press-release/2022-174

Commodities Future Trading Commission also ordered 11 financial institutions to pay over $710 million for recordkeeping and supervision failures for widespread use of unapproved communication methods
“The Commission’s recordkeeping and supervision requirements ensure the safety and integrity of the U.S. derivatives markets and protect customers and market participants,” said Chairman Rostin Behnam. “As demonstrated today, the Commission will vigorously pursue registrants who fail to comply with their core regulatory obligations and hold them accountable.”

Learn more: https://www.cftc.gov/PressRoom/PressReleases/8599-22

Join us on Thursday October 6 at 1:30pm ET to discuss

CellTrust’s General Counsel Rebecca Ruegg and Chief Executive Officer Sean Moshir host a weekly Roundtable discussion on “What’s happening with mobile compliance across the wealth management industry?”


Please join us as there will be plenty to engage you during this 20 minute roundtable with 10 minute Q&A.
REGISTER HERE: for What’s happening with mobile compliance in wealth management?

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