- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-06-18T15:10:00
Two senior officials from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) described how both agencies are committed to rooting out off-channel communications among registered entities for the long term.
“The off-channel communications issue will be with us for the next 50 years,” said Zachary Sturges, senior counsel at the SEC, during Compliance Week’s Financial Crimes and Regulatory Compliance Summit June 10 at Fordham Law School.
Texting and phone apps are the way traders under 40 communicate, Sturges said, and firms will have to use every means at their disposal—better technology, better policies, better training—to record and retain their business communications.
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Six credit rating agencies will pay $49 million in fines to the Securities and Exchange Commission for allowing their employees to communicate on company business using nonapproved communication channels like Whats App and WeChat.
The Department of Justice’s renewed scrutiny toward a corporation’s approach to the use of personal devices strengthens the case for companies to get away from bring your own device, a panelist at Compliance Week’s 2024 National Conference argued.
Sanjay Wadwha, deputy director of the SEC’s Enforcement Division, discussed the agency’s rationale for issuing widely disparate penalties for off-channel communications recordkeeping violations, as well as violations of its amended marketing rule.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
With the presidential election this week, one fear has remained on the minds of voters regardless of their political stripe–that artificial intelligence will be misused to change the outcome of the race.
