SEC Encourages Self-Reporting of Recordkeeping Violations Resulting From Employees’ Use of Personal Devices for Business Communications
On December 17, 2021, the U.S. Securities and Exchange Commission (SEC) announced settled charges against a broker-dealer firm for recordkeeping violations arising from its employees’ use of personal devices for business communications. The firm agreed to pay a $125 million penalty and to retain a compliance consultant to conduct a … Read More
Sidley Welcomes Former-CFPB Enforcement Director Tom Ward
Sidley is pleased to announce that Thomas Ward, who previously served as Enforcement Director at the Consumer Financial Protection Bureau (CFPB), has joined the firm as a partner in the Banking and Financial Services Group in Washington, D.C. As the CFPB’s chief law enforcement officer, Tom was responsible for enforcing … Read More
FINRA Issues 2021 Report on its Examination and Risk Monitoring Program
Released on February 1, the Financial Industry Regulatory Authority (FINRA) 2021 Report on its Examination and Risk Monitoring Program (Report) provides a roadmap for member firms to use to prepare for examinations and to review and assess compliance and supervisory procedures related to business practices, compliance, and operations. The Report … Read More
FINRA Issues its 2020 Artificial Intelligence Report for Industry Comment
On June 10, the Financial Industry Regulatory Authority (FINRA) released its Artificial Intelligence (AI) in the Securities Industry Report (Report), a culmination of a two-year review by FINRA’s Office of Financial Innovation to learn about the emerging challenges confronted by broker-dealers (Firms) and other market participants as they introduce AI-based … Read More