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SEC Collects Staff Messages from Major Firms as Part of Messaging App Probe

  • SEC is collecting staff messages from over a dozen major investment firms as part of its probe into use of unapproved messaging apps.

  • Previously SEC had asked firms to review messages themselves, but now directly collecting thousands of staff messages.

  • In latest phase, SEC has asked for messages from first half of 2021 from selected employees at firms like Carlyle, Apollo, KKR, and Citadel.

  • SEC says record-keeping rules critical to guard against wrongdoing, but industry resists "invasive" request and argues different rules for investment advisers.

  • Probe already netted SEC over $2 billion in fines from broker-dealers and is signature enforcement initiative under SEC Chair Gensler.

reuters.com
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