No Password Required: An FBI Special Agent's Journey from Submarines to Anti-Corruption to Cybersecurity
SEC's and CFTC's Enforcement Actions Against Multiple Firms - In its continued pursuit of rooting out and penalizing broker-dealers and investment advisers for their failure to prevent unapproved communication methods, the...more
I. The Phenomenon of Instant Messaging- Evolution and Proliferation- From basic platforms like IRC and AIM to globally dominant apps such as WhatsApp and Telegram, instant messaging (IM) has witnessed a radical...more
In recent years, regulated industries, particularly broker dealer firms like Wells Fargo and Morgan Stanley, have faced increased scrutiny from regulatory bodies due to their lack of compliance in policing messaging apps. The...more
The corporate world has once again been forced to adapt as communication trends change. When ephemeral messaging first gained popularity, it was merely a fun way to send disappearing pictures or messages to friends over apps...more
The Israel Securities Authority (ISA) is currently amending the directive that outlines the requirements for holders of investment consulting, investment marketing, and investment portfolio management licenses to provide...more
On September 27, 2022, the U.S. Securities and Exchange Commission (SEC) announced settlements against 11 major financial institutions, resolving an industry sweep into employees improperly using personal messaging...more
Broker-dealers are required to maintain records of any communications received relating to the firm’s business. The SEC recently charged 16 broker-dealers with recordkeeping violations for off-channel communications that were...more
According to a recent press release from the Securities Exchange Commission (SEC), sixteen Wall Street firms were fined for widespread and longstanding failures by the organizations and their employees to maintain and...more
The SEC requires broker-dealers to maintain originals of all communications received and copies of all communications sent by the broker-dealer relating to its business for three years. The SEC has explained that Rule 17a-4...more
Using personal devices and messaging platforms may be convenient (and ubiquitous), but it may run afoul of federal records retention rules. Our Investment Management, Trading & Markets and White Collar, Government & Internal...more
At the beginning of every new year, it is important for legal teams to reflect on key eDiscovery case law from the year before that will influence future processes and case strategy. In 2021, the U.S. courts handled a variety...more
On December 17, 2021, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) announced that each had entered into an agreement with J.P. Morgan Securities (the “Company”) to resolve...more