In a proceeding in late 2023, the U.K.’s Office of Gas and Electricity Markets determined that Morgan Stanley & Co. International plc (MSIP) had violated recordkeeping regulations applicable to trading in the energy markets by failing to record and retain employees’ WhatsApp messages. To resolve the matter, MSIP agreed to pay a penalty of £5.41 million. This settlement is the first time a fine has been issued in the U.K. for failure to record and retain electronic communications relating to trading in wholesale energy products. This article details the relevant regulatory regime and MSIP’s violations. See “Messaging Apps Come Under Increasing Regulatory Scrutiny
” (Jun. 7, 2023).