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Twenty-six Wall Street companies have agreed to pay $393m to the Securities and Exchange Commission to settle the latest round of charges over employee texting and messaging on platforms such as WhatsApp about business matters.
“We are strongly concerned that the SEC is attempting to exceed its authority under the Advisers Act and engaging in rulemaking by enforcement through its current sweep regarding off-channel communications,” the Investment Company Institute, which represents the interests of US asset managers, said in a previous letter to the SEC.
https://www.ft.com/content/c045e218-dc90-4835-a822-0d2e0cae8b78
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