SEC, CFTC ding 12 firms for recordkeeping violations – dissenting voices get louder

The fines totalled over $115m – with one firm dodging the bullet but still finding sympathy from two dissenting commissioners.

The SEC just announced charges against 12 firms for failure to keep and maintain electronic communications, in violation of the recordkeeping provisions of the Securities Exchange Act and the Investment Advisers Act.

An additional company, the Canadian Imperial Bank of Commerce (CIBC), was fined in a parallel action by the Commodities

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