- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2022-09-20T18:40:00
Morgan Stanley Smith Barney (MSSB) agreed to pay $35 million to settle Securities and Exchange Commission (SEC) charges it repeatedly disregarded the safeguarding of clients’ personal data.
The personally identifiable information of approximately 15 million MSSB customers was made vulnerable over a five-year period, beginning in 2015, because of failures by the firm to protect it, the SEC said in a press release Tuesday. MSSB is a wholly owned subsidiary of Morgan Stanley.
The trouble began when MSSB did not encrypt the personal data of customers stored on computer servers and hard drives, the SEC alleged. In 2016, the firm decommissioned two data centers and didn’t properly dispose of its computer servers and hard drives, the agency said.
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2024-11-06T21:36:00Z By Jeff Dale
The Financial Industry Regulatory Authority fined broker-dealer Morgan Stanley $1 million over alleged documentation failures related to risk management controls and supervisory procedures involving violations of the Market Access Rule.
2024-05-16T19:10:00Z By Aaron Nicodemus
The Securities and Exchange Commission will require broker-dealers and registered investment advisers to adopt written policies and procedures for handling data breaches of customer data and notify affected customers within 30 days.
2023-11-17T21:10:00Z By Adrianne Appel
Morgan Stanley agreed to pay $6.5 million as part of a settlement with six states requiring the firm to strengthen its data security after actions it took compromised the personal data of millions of customers.
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The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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