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SEC Orders Searches of Over 100 Trader and Banker Phones in Texting Probe

SEC Orders Searches of Over 100 Trader and Banker Phones in Texting Probe

by Starling Insights

Starling Insights Editorial Board

Jun 03, 2022

Observations

The US Securities and Exchange Commission (SEC) is forcing Wall Street banks to search through over 100 mobile phones carried by top traders and dealmakers in the largest-ever probe into messaging on third-party platforms like WhatsApp.

The SEC is informing firms of which key positions are subject to the review and personnel in those roles are being ordered to hand over devices for inspection, according to people with direct knowledge of the requests and what is being expected of firms.

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