- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-08-23T17:36:00
The U.K.’s Office of Gas and Electricity Markets (Ofgem) fined Morgan Stanley 5.4 million pounds (U.S. $6.8 million) for allegedly failing to record and retain electronic communications by its wholesale energy traders over two years.
The penalty against Morgan Stanley & Co. International (MSIP), announced Wednesday, is Ofgem’s first fine levied against a firm for use of off-channel communications via WhatsApp for discussing energy market transactions, the regulator said.
From January 2018 to March 2020, Morgan Stanley failed to record and retain electronic communications related to trading wholesale energy products, Ofgem said.
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