WhatsApp All Over Again: The SEC Brings More Recordkeeping Charges Against Broker-Dealers and Investment Advisers for Off-Channel Communications | Mayer Brown – JDSupra

It is important to note that in each of these cases, the off-channel communications at issue were conducted on the personal devices of the firm’s employees. In addition to creating recordkeeping and monitoring challenges and related examination risks—as outlined by the SEC in these and prior, similar proceedings—the use of personal devices for firm business raises complicated issues during regulatory investigations when responding to subpoenas and similar requests. These requests, similar to examination requests, are usually drafted quite broadly, and often require the firm to provide requested documents that the firm has the effective ability to obtain, even if the requested document is not in the firm’s immediate possession.

Source: WhatsApp All Over Again: The SEC Brings More Recordkeeping Charges Against Broker-Dealers and Investment Advisers for Off-Channel Communications | Mayer Brown – JDSupra