1. It’s been almost a year since the Securities and Exchange Commission (SEC) charged 16 Wall Street firms for failing to preserve electronic messages, which involved senior executives
2. Morgan Stanley was one of the charged firms, which has since issued financial penalties to off-channel comms offenders
3. Goldman Sachs, which was also charged by the SEC, announced it has dismissed four executives for communication policies violations (including its head of transaction banking)
4. As regulators come down on bad actors and emphasize leading by example, it is beneficial to employ tools that detect and prevent misconduct before it becomes a bigger issue
5. Firms should consider the best approach to promote compliance amongst all levels of staff at their organization and how they can effectively deal with misbehavior
This Regulatory Wrap is brought to you by Global Relay’s Head of Content, Jennifer Clarke.