Maintaining records of communications is a fundamental compliance obligation that has become increasingly challenging as the number of available messaging apps and other forms of electronic communications multiplies. JPMorgan affiliates ran afoul of electronic messaging requirements when they failed to record thousands of electronic communications made by employees through unapproved channels. This article, originally published by our sister publication the Hedge Fund Law Report, details the firms’ parallel settlements with the SEC and CFTC that resulted in $200 million in civil penalties and the imposition of a compliance consultant. See “Retaining Business Records in an Era of Disappearing Messaging Apps
” (Nov. 14, 2018).