191–200 of 247 posts
"Firms may not permit the use of any type of electronic communication if they are unable to satisfy the applicable recordkeeping requirements with respect to that particular type of electronic communication."
Earlier quoted context omitted.
I had a problem with including the full headline because only so many characters could be used in the title of the post.
You could have used "Banks fined millions evading regulation with Signal & WhatsApp" News headlines have rules they use to make for shorter sentences. They'd probably write "Banks fined millions, delete records, use E2E apps"
This headline is clickbait. The issue is banks not preserving records, something that the rules are ABUNDANTLY clear on.
I imagine a smaller fine would be a more effective deterrent if it was directed at the C-suite instead of the whole corporation. Maybe a little jail time too, as a treat.
https://www.bloomberg.com/opinion/articles/2023-08-08/don-t-...
His is a pretty balanced take and raises some interesting points:
> I have argued that the SEC has aggressively expanded the recordkeeping requirements. In the olden days, almost all communication was informal and not recorded, and only formal decisions were memorialized in typed and carbon-papered memos, so the SEC had access only to a pretty limited slice of communications. Now, vastly more informal communication is text-based, and texting is a substitute for conversation, not for formal memos.
The rest of the piece and some of his related commentary in the area is worth a read.
At this point I cannot understand why anybody would use Wells Fargo as their bank. WF has proven repeatedly that they are pretty much the opposite of what everybody thinks a good bank should be. Repeated law violations; repeated screwing-over of their customers. Why are they still in business?
Wells Fargo gross profit for the twelve months ending June 30, 2023 was $80.279B. Billion, with a B. A $0.5B fine is both a lot and nowhere near enough. I imagine a smaller fine would be a more effective deterrent if it was directed at the C-suite instead of the whole corporation. Maybe a little jail time too, as a treat.
To the surprise of no one, Matt Levine has written about this a few times (there's some other linked issues in here as well): https://www.bloomberg.com/opinion/articles/2023-08-08/don-t-... His is a pretty balanced take and raises some interesting points: > I have argued that the SEC has aggressively expanded the recordkeeping requirements. In the olden days, almost all communication was informal and not recorded, an…
Earlier quoted context omitted.
> Presumably telephone calls, zoom calls and in person meetings aren't recorded? Of course they are. No offense: Where have you been?
Since when they are all recorded? It definitely wasn't the case ~15 years ago.
Obviously I can't show you.
Earlier quoted context omitted.
Four levels of government and an ISP having an easily searched and/or subpoenae'd copy of the message...? What forum is this?
RCS are end to end encrypted.
Any idea on the % adoption rate? Couldn't easily find it.