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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.
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“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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