SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures
This was probably posted because Matt Levine discussed it yesterday (<a href="https:&#x2F;&#x2F;archive.ph&#x2F;nYHax" rel="nofollow">https:&#x2F;&#x2F;archive.ph&#x2F;nYHax</a>). The regulation requiring brokers to keep records of all written communication goes back to 1948, when writing something down was fairly significant, and most discussions were face to face. Now all of these firms are being fined because their employees discussed work over WhatsApp.<p>&gt; As technology changes, lots of forms of written electronic communication become substitutes <i>not for memoranda, but for face-to-face conversation</i>. So the SEC’s requirements constantly become <i>broader</i>. If you just talk to your colleagues in person, the SEC does not expect you to preserve that. Once you move that chat to WhatsApp, it does.