In Regulatory Wrap for the week to September 20, Jay Hampshire discusses another fine from SEC for recordkeeping failures in addition to other related data compliance concerns.
In this Regulatory Wrap, we look into the Securities and Exchange Commission’s (SEC) most recent $1.3 million fine against 12 advisory firms for off-channel communications, which brings two other C words into question: completeness and c-suite.
1. This year, we’ve seen both organizations and individuals being reprimanded for lacking data completeness
2. In March, the SEC issued a $350 million fine against JP Morgan Chase for trade surveillance gaps
3. In July, the Federal Reserve Board and Office of the Comptroller of the Currency (OCC) issued a $136 fine against Citigroup for “insufficient progress” in rectify data management issues
4. This week, Citigroup COO Anand Selva was discharged from managing a data overhaul project, and concurrently, a former Swedbank CEO was sentenced to prison for anti-money laundering
5. The concentration on c-suite roles highlights the importance of culture, especially considering regulators emphasis on fostering “tone from the top” in response to senior staff members’ involvement in nearly all off-channel communications fines
This episode is brought to you by our Senior Content Writer, Jay Hampshire.
Ensure your firm is meeting expectations when it comes to completeness, communications, c-suite, and culture to achieve the final and most important C word – compliance.
