My guess is your lawyers have been very clear about communicating to you what they believe is the best course of action, but nothing in securities law is ever c

My guess is your lawyers have been very clear about communicating to you what they believe is the best course of action, but nothing in securities law is ever clear. The laws are intentionally vague and leave a ton of enforcement discretion, and every single new fine forces the lawyers to readjust their interpretations. Refraining from texting clients is not sufficient. You also cannot send an undocumented message to your coworker talking about how you’re going to approach a meeting with a client. But you can talk about how you think the client’s toupee is funny, unless the SEC is mad at you, then they will interpret this as a business communication and fine you. And I think it’s terrible that HN is on the side of making these terrible, vague, ‘regularly capture’ laws simply because the SEC put out a memo detailing allegations that were unlitigated in court and because big banks bad.