- The following eight firms (and five affiliates) have agreed to pay penalties of $125 million each:
- Barclays Capital Inc.;
- BofA Securities Inc., together with Merrill Lynch, Pierce, Fenner & Smith Inc.;
- Citigroup Global Markets Inc.;
- Credit Suisse Securities (USA) LLC;
- Deutsche Bank Securities Inc., together with DWS Distributors Inc. and DWS Investment Management Americas, Inc.;
- Goldman Sachs & Co. LLC;
- Morgan Stanley & Co. LLC, together with Morgan Stanley Smith Barney LLC; and
- UBS Securities LLC, together with UBS Financial Services Inc.
- The following two firms have agreed to pay penalties of $50 million each:
- Jefferies LLC; and
- Nomura Securities International, Inc.
- Cantor Fitzgerald & Co. has agreed to pay a $10 million penalty.
To read the full press release, click here.
What does this mean for me?
The message is clear: Recordkeeping will continue to be a priority of examinations and enforcements. Firms must create a compliance program that effectively reviews and monitors the use and retention of electronic communications.
Fairview® provides full-service compliance administration for investment advisers by creating and implementing comprehensive, sustainable compliance programs, including ongoing testing and evaluations to ensure firms remain compliant with SEC regulations. We make sure that internal controls are built into your operations processes, making compliance features inherent to your firm’s culture. Contact us today for additional information about maintaining your compliance program.