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BNP Paribas, Houlihan Lokey, Moelis hit with fines over messaging failures

SEC and CFTC continue crackdown on unauthorised messaging and record keeping

A group of brokerage firms will pay more than $549m to settle charges they failed to properly preserve electronic communications, the Securities and Exchange Commission and Commodity Futures Trading Commission said on 9 August.

The penalties are the latest example of regulators cracking down on lax record-keeping and Wall Street employees’ use of messaging apps, such as WhatsApp and Signal, to do business.

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