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Exclusive-U.S. SEC opens inquiry into Wall Street banks' staff communications -sources

Added 10-12-21 11:04:02am EST - “The U.S. Securities and Exchange Commission (SEC) has opened a broad inquiry into how Wall Street banks are keeping track of employees' digital communications, three people familiar with the matter told Reuters. SEC enforcement staff…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Exclusive-U.S. SEC opens inquiry into Wall Street banks' staff communications -sources”. Below is an excerpt from the article.

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission (SEC) has opened a broad inquiry into how Wall Street banks are keeping track of employees' digital communications, three people familiar with the matter told Reuters.

SEC enforcement staff contacted multiple banks in recent weeks to check whether they have been adequately documenting employees' work-related communications, such as text messages and emails, with a focus on their personal devices, said the people, who spoke on the condition of anonymity.

The industry "sweep" is a further sign that the SEC is ramping up enforcement under its Democratic leadership, and highlights the challenges Wall Street banks face keeping track of staff communications in the work-from-home pandemic era.

The SEC periodically conducts sweeps to quickly gather information on issues it suspects may be widespread. Sweeps can sometimes, although not necessarily, lead to formal probes.

The sweep appears to stem from a probe the agency has been conducting for some time into an individual financial institution, two of the sources said, without naming the firm.

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