HSBC and Scotia Capital charged for off-channel comms recordkeeping failures

SEC and CFTC charge HSBC and Scotia Capital with recordkeeping failures using off-channel comms.

The SEC yesterday charged HSBC Securities USA Inc and Scotia Capital USA Inc for failures by both firms and their employees to maintain and preserve electronic communications, including failing to reasonably supervise with a view to preventing and detecting those failures.

The Commodity Futures Trading Commission (CFTC) also 

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