From Investing.com: 2024-08-06 14:15:59

Piper Sandler agrees to pay $16 million in civil penalties to U.S. regulators for record-keeping practices. $14 million goes to SEC, $2 million to CFTC for unapproved business communications on messaging platforms. SEC’s initiative targets Wall Street banks for inadequate logging of employee texts and emails during remote work. Fine total over $1.7 billion since 2021.

SEC requires banks to keep staff communication records, prohibiting the use of personal email or texts for work. Compliance failures led to fines for firms like JPMorgan Chase & Co, Wells Fargo & Co. Record-keeping requirements are challenging due to off-channel communications. Oppenheimer & Co., U.S. Bancorp also paid penalties.

Piper Sandler set aside $16 million for investigations related to record-keeping failures. Broker-dealers and investment advisers registered with the SEC must meet record-keeping requirements. Firms like Piper Sandler, Oppenheimer & Co., U.S. Bancorp have faced penalties for non-compliance. Regulators aim to ensure proper monitoring of business communications.



Read more at Investing.com: U.S. regulators fine Piper Sandler $16 million for record-keeping failures By Reuters