SEC fines 16 Wall Street firms more than $1.1bn for 'widespread failures' 

Mark Battersby
clock • 4 min read

The US Securities and Exchange Commission has charged 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications.  In a statement on 27 September, the US regulator said the firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined penalties of more than $1.1bn, and have begun implementing improvements to their compliance policies and proced...

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