The SEC’s Continuing Focus on Off-Channel Communications: What Investment Advisers Need to Know and Do Now

In September, the SEC announced settled enforcement actions in which 16 Wall Street firms paid US$1.1 billion in penalties for failing to preserve employee text messages sent on personal devices. Now, the SEC is also examining the issue of off-channel communications regarding registered investment advisers. The SEC is conducting an investigative sweep of advisers, many of whom have either received investigative requests or are bracing for them.

This recorded discussion features Sidley’s Securities Enforcement and Regulatory group partners Stephen Cohen, Ranah Esmaili, Lara Mehraban, and Barry Rashkover, who discuss the SEC’s focus, explain aspects unique to investment advisers, and deliver practical recommendations.