Wall Street firms to pay over $470 million to settle with US regulators over texting

(Reuters) - Another group of broker-dealer and investment advisers have agreed to pay over $470 million to U.S. regulators to settle civil charges they violated recordkeeping rules, the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission said in statements on Wednesday.

Toronto-Dominion Bank's TD Securities, BNY and Truist were among the Wall Street firms that settled charges they violated regulators' rules requiring broker-dealers and investment advisers to maintain records of work-related communications, the SEC and CFTC said.

Representatives for most firms did not respond immediately to requests for comment. A spokesperson for BNY said the firm takes its regulatory responsibilities seriously, while TD said it was investing in technology and improving its electronic communications policies. RBC said it would continue to enhance its compliance protocols.

The penalties mark the latest wave of a sweeping multi-year enforcement initiative targeting Wall Street's use of so-called "off channel" work communications such as text and WhatsApp messages in breach of rules which require firms to retain certain work-related communications.

Below is a full list of the firms and the penalties they agreed to pay.

Ameriprise Financial (NYSE:AMP ) Services, LLC: $50 million penalty to the SEC

Edward D. Jones & Co., L.P.: $50 million penalty to the SEC

LPL Financial (NASDAQ:LPLA ) LLC: $50 million penalty to the SEC

Raymond James & Associates, Inc.: $50 million penalty to the SEC

RBC Capital Markets, LLC: $45 million penalty to the SEC

BNY Mellon (NYSE:BK ) Securities Corporation, Pershing LLC: $40 million penalty to the

SEC

TD Securities (USA) LLC, TD Private Client Wealth LLC and Epoch Investment

Partners, Inc: $30 million penalty to the SEC, $75 million to the CFTC

Osaic Services, Inc., Osaic Wealth, Inc.: $18 million penalty to the SEC

Cowen and Company, LLC, Cowen Investment Management LLC: $16.5 million penalty

to the SEC, $3 million to the CFTC

Piper Sandler & Co.: $14 million penalty to the SEC

First Trust Portfolios L.P.: $8 million penalty to the SEC

Apex Clearing Corporation: $6 million penalty to the SEC

Truist Securities, Inc., Truist Investment Services, Inc. and Truist Advisory

Services, Inc: $5.5 million penalty to the SEC, $3 million to CFTC

Cetera Advisor Networks LLC, Cetera Investment Services LLC: $4.5 million

penalty to the SEC

Great Point Capital, LLC: $2 million penalty to the SEC

Hilltop Securities Inc.: to pay a $1.6 million penalty to the SEC



P. Schoenfeld Asset Management LP: $1.25 million penalty to the SEC

Haitong International Securities (USA) Inc.: $400,000 penalty to the SEC

Source: Investing.com