06.06.24
SEC Sued by Trade Association for Details on Record-Keeping Probe
by: Mike Scarcella
The American Securities Association (ASA) sued the U.S. Securities and Exchange Commission (SEC) for information about the agency’s crackdown on how banks and other firms handle work-related communication on personal devices. ASA said that the SEC had improperly rejected its request under federal public records law for information detailing the enforcement effort, which began in late 2021 and has resulted in civil fines of more than $1.7 billion overall. The SEC has filed administrative complaints against dozens of firms, including JPMorgan Chase, Credit Suisse, Wells Fargo, Goldman Sachs and Morgan Stanley, as part of the initiative. The cases broadly allege record-keeping compliance failures involving employees' “off-channel” communications.
Read the full article on Reuters