>> It really is wild that the SEC’s official position is now that it is illegal to “use unofficial communications to do things like cut deals, win clients or ma

>> It really is wild that the SEC’s official position is now that it is illegal to “use unofficial communications to do things like cut deals, win clients or make trades.” “Conduct their communications about business matters within only official channels”! Imagine if that was really the rule! You can’t have lunch with a client and talk about business, or have beers with your colleagues and gripe about work, because that does not create a searchable archive for the SEC to review. The alternative interpretation is that now that it has become technologically feasible to record and search such the breadth of these conversations, it’s now illegal to try and conduct business via a channel that is opaque to the regulators. Does having informal conversations have any downside for the companies other than knowing that regulators can pull the conversations information when analyzing if the banks broke regulations? This data isn’t available to their competitors or anything, right? If that’s the case then as a citizen I’m totally behind the SEC enforcing these kinds of decisions. I’d like to make it a formal rule if it’s not already.