The U.S. Securities and Exchange Commission (SEC) will impose $63.1 million in fines on nine investment advisers and three broker-dealers for using unapproved communication methods. These firms, including Charles Schwab and Blackstone, violated federal recordkeeping laws by failing to supervise personnel and allowing off-channel messaging. The penalties include censure and commitments to enhance compliance protocols. Notably, Blackstone’s affiliates agreed to pay $12 million, while Charles Schwab incurred a $10 million penalty. The SEC emphasizes that compliance with recordkeeping requirements is critical for maintaining market integrity and transparency.
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