Over the past few years, the SEC and CFTC have charged multiple Wall Street firms with widespread recordkeeping failures, handing down staggering penalties of upwards of three billion dollars and counting. In a round of sweeps in August 2024, the SEC levied fines totaling over $390 million against 26 firms, and the CFTC handed down combined additional penalties of $80 million against three of the firms involved. In September, the SEC widened the scope of the regulatory actions to include municipal advisers and handed down even more charges against twelve additional firms.
With no end in sight to the consistent and costly enforcement, are your books and records ready to stand up to regulatory scrutiny?
