Down The Rabbit Hole on SEC Enforcement Waivers

Compliance into the Weeds

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt go down a rabbit hole regarding the SEC waiving penalties for messaging app violations.

The Securities and Exchange Commission (SEC) has been making headlines for its crackdown on broker dealers who violate record-keeping rules by using off-channel messaging apps like WhatsApp or Snapchat. This has led to hefty fines, yet the SEC has been granting waivers to these same firms, allowing them to continue operating in the securities world. This paradoxical approach has raised eyebrows, including those of Tom Fox and Matt Kelly. Fox finds the SEC's actions both curious and concerning. He believes that if a waiver program exists, it should be publicly announced and the reasons for granting waivers should be transparent to ensure appropriate scrutiny. Kelly, on the other hand, expresses surprise and disappointment at the lack of transparency from the SEC, suggesting that the waiver program and its reasons should be made clear to the public. Find out more in this fascinating edition of Compliance into the Weeds.

Key Highlights:

• SEC Sanctions for Off-Channel Messaging Violations
• SEC Enforcement and Waivers for Internal Violations
• Cracking down on Off Channel Communications
• The Need for Public Announcements in SEC Enforcement

Resources

Matt on Radical Compliance

Tom

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