Instant messaging apps—WhatsApp, Facebook Messenger, Snapchat, Telegram, Signal, and iMessage, to name just a few—have become ubiquitous in the 15 years since Apple released the first iPhone. Chances are that you have one or more of those apps on your phone right now. If you are in the financial services industry, beware. In October it was reported that the U.S. Securities and Exchange Commission’s recent investigation of broker-dealers for violation of regulations relating to use of personal messaging devices, such as WhatsApp—which resulted in over $1.8 billion in fines to 16 financial
institutions—has broadened to include investment funds and advisers.
According to individuals familiar with the inquiry…
