In the latest round, nine investment advisers and three broker-dealers admitted violating record-keeping rules and vowed to improve compliance, the regulator said in a statement. Lapses involved personnel at multiple levels, including supervisors and senior managers, it said.
Affiliates of Blackstone, KKR & Co., Apollo Global Management and Charles Schwab are among a dozen investment advisers and brokerages that will collectively pay more than US$63 million ($86.36 million) for failing to track employees’ use of unauthorised communications platforms.
The settlements, announced by the US Securities and Exchange Commission on Monday, extend the agency’s crackdown on Wall Streeters’ once-freewheeling use of texts and other messaging apps for business that is supposed to be monitored and archived by employers.
