In early January, the SEC announced the latest wave of actions against a slew of investment advisers and broker-dealers for failing to retain text messages and similar communications, which the SEC found to violate the recordkeeping provisions of the federal securities laws. The firms agreed to pay combined civil penalties of US$63.1 million.
In this article on “New Administration’s Stance Could Signal Fewer Off-Channel Enforcement Actions,” which appeared in Traders Magazine on January 29, 2025, Sidley lawyers Christopher Mills and Lara Thyagarajan discuss the SEC’s aggressive approach over the last several years to enforcing its recordkeeping rules with respect to those types of “off-channel communications,” and how this approach might change under the new Administration.
