Data protectionis now more important than ever. Given the new ways of working and communicating there are increasing amounts of personally identifiable information (PII) and personal health information (PHI) data shared across communication platforms and firms are expected to be able to capture and retain safely as well as retrieve and delete personal data. Critical issues that should take center stage in data privacy week.

The last quarter of 2022 saw FINRA continue its focus on communications compliance. Four brokers and a compliance officer faced disciplinary action for a range of breaches of their approach to supervision and an inability to retrieve phone records.

For the key lessons to be learnt together with more detail of the enforcement please click here. 

At a high level the disciplinary actions resulted in censures, a 40 day prohibition, fines totalling over $2m, restitution of nearly $50,000 and wide ranging remedial actions.

UK regulator fines a trio of brokers almost £5m for failing to have appropriate communications compliance processes in place to fulfil market abuse obligations

Digesting and implementing the U.S. DOJ’s new compliance guidance for prosecutors on the use of personal devices and third party apps

Digital transformation has been a fundamental enabler for financial services firms. It is hard to underestimate the opportunities and regulatory benefits firms can derive from the implementation of technological solutions but maximising their potential can present challenges. Thomson Reuters Regulatory Intelligence's sixth annual survey and report on fintech, regtech and the role of compliance explores these challenges, particularly in the context of corporate governance and risk management.