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The SEC fines a dozen banks in the US with 1,150 million for not saving their communications

MADRID, 28 Sep.

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The SEC fines a dozen banks in the US with 1,150 million for not saving their communications

MADRID, 28 Sep. (EUROPA PRESS) -

The United States Securities and Exchange Commission (SEC, for its acronym in English) has fined a dozen investment firms in the United States with a joint penalty of 1,100 million dollars (1,150 million euros) for not keeping records of its internal communications, as reported in a statement.

"Ultimately, finance depends on trust. By failing to meet their record keeping obligations, the market participants we fine have failed to uphold that trust," said SEC Chairman Gary Gensler.

The SEC has sanctioned Barclays, Bank of America, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS with 125 million dollars (130.8 million euros). Likewise, it has decided to fine Jefferies and Nomura with 50 million (52.3 million euros), while the firm Cantor Fitzgerald

Between January 2019 and September 2021, employees in these ways communicated about business matters using messaging apps on their personal devices. Therefore, the companies did not keep records of these conversations, contravening current legislation.

The firms have committed to comprehensive reviews of their policies and procedures regarding saving electronic communications found on personal devices.