Compliance with that requirement, already made more difficult by the proliferation of mobile-messaging apps, was strained further as employees worked remotely during the Covid-19 outbreak. Under US rules, financial firms must monitor business communications to head off improper conduct. The SEC, which declined to comment, also wants to know whether the investment firms are retaining electronic records generated on those platforms, the person said. Dozens of firms have received the queries into which devices and apps they allow for official communications, said one of the people who, like the others, asked not to be identified discussing the matter due to its sensitivity.
The regulator has recently sent letters to investment firms requesting information on their employees’ communications practices, according to three people familiar with the matter. (Bloomberg) - The US Securities and Exchange Commission is looking into whether asset managers used WhatsApp and other outside messaging apps to conduct official business, ratcheting up its probe into Wall Street’s record-keeping practices.
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