Additionally, the firm agreed to conduct a comprehensive review of its policies and procedures related to the preservation of its employees’ electronic communications regarding its business found on their personal devices.
In a statement, SEC Division of Enforcement Director Gurbir Grewal said, “Recordkeeping requirements are core to the Commission’s enforcement and examination programs and when firms fail to comply with them, as JPMorgan did, they directly undermine our ability to protect investors and preserve market integrity.”
The division’s Deputy Director Sanjay Wadha added, “As today’s order reflects, JPMorgan’s failures hindered several Commission investigations and required the staff to take additional steps that should not have been necessary. This settlement reflects the seriousness of these violations. Firms must share the mission of investor protection rather than inhibit it with incomplete recordkeeping.”
On the other hand, CFTC Acting Director of Enforcement Vince McGonagle commented, Firm compliance with recordkeeping and associated supervision requirements is essential to the CFTC’s efforts to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets.”
