SEC Finalizing 19 New Settlements in Wall Street WhatsApp Probe: Reuters
As part of the settlements, Reuters reported that firms will admit wrongdoing and utilize independent contractors as part of the commitment to fix the lapses. Roughly two dozen firms are involved, the report said, with some paying as much $50 million.
Details on some deals are expected by Sept. 30, ahead of the SEC’s fiscal year-end, according to the report. An SEC spokesperson declined to comment to Reuters.
A wide swath of firms have disclosed that regulators are looking at their messaging practices, including private equity titans Apollo Global Management Inc. and Carlyle Group Inc.
Other notable companies that have already been fined hundreds of millions of dollars include Wells Fargo & Co., BNP Paribas SA, Bank of America Corp., Citigroup Inc. and Goldman Sachs Group Inc.
Who’s on Notice
Company
Source
Agency
Focus
Apollo Global Management Inc.
10-Q
SEC
Electronic messaging channels
BlackRock Inc.
10-Q
SEC
Record retention requirements
Blackstone Inc.
10-Q
SEC
Retention of electronic business communications
Carlyle Group Inc.
10-Q
SEC
WhatsApp, WeChat and similar applications
Citadel
BN
SEC
Unapproved channels
Fifth Third Bancorp
10-Q
SEC, CFTC
Settlement talks underway
Interactive Brokers Group Inc.
10-Q
SEC, CFTC
Records preservation requirements
Invesco Ltd.
10-Q
SEC
Investment advisers
Jones Financial Cos.
10-Q
SEC
Unapproved devices, platforms
KeyCorp
10-Q
SEC, CFTC
Broker-dealer, investment advisers
KKR & Co.
10-Q
SEC
Business-related electronic communications
LPL Financial Holdings Inc.
10-Q
SEC
Personal devices and messaging platforms
Oppenheimer Holdings Inc.
10-Q
SEC, CFTC
Broker-dealer, investment advisers
Point72 Asset Management
BN
SEC
Unapproved channels
Robinhood Markets Inc.
10-Q
SEC, Finra
Brokerage communications
TPG Inc.
10-Q
SEC
Retention of electronic communications
Truist Financial Corp.
10-Q
SEC, CFTC
Broker-dealer, investment adviser, swap dealer
US Bancorp
10-Q
SEC
Broker-dealer, investment adviser
Voya Financial Inc.
10-Q
SEC
Unapproved channels
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