SEC’s Focus on Enforcement Actions for Record-Keeping Violations Ensnares JP Morgan: Who Else Will Be Swamped?

January 5, 2022

By: Howard A. Fischer

Thomson Reuters

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Securities regulators are starting to look at how financial service firms are complying with rules on book-keeping and record retention as more employees work from home

The financial services sector has been hit with what might be the perfect storm. The global COVID-19 pandemic shuttered offices worldwide, forcing relocation to hastily assembled home offices that had workers using personal computers, phones, and other devices, rather than official office equipment. Consequently, many interactions between financial service personnel and others — including customers and counterparties — was and still is conducted using non-work place devices, and records of those interactions are generated by, and kept on, non-work platforms.