CIBC World Markets and CIBC Private Wealth Advisors agreed to pay a combined US$12-million penalty to the U.S. Securities and Exchange Commission for failing to keep records of electronic communications, while Canaccord Genuity agreed to a US$1.25-million penalty. CIBC also agreed to pay a US$30-million fine to the U.S. Commodity Futures Trading Commission for related violations. (The Logic)

Talking point: The penalties add to the more than US$2.5 billion that financial firms previously paid the SEC and CFTC related to the use of text messages and personal cellphones to conduct business, which can violate record-keeping requirements meant to facilitate investigations in the case of wrongdoing. Canadian firms have been caught up in the regulators’ crackdown. In a statement to Bloomberg, an unnamed CIBC spokesperson said the bank respects the regulators’ decisions and has implemented changes.