The Globe and Mail reports in its Wednesday, Sept. 25, edition that CIBC has been fined $30-million by the Commodity Futures Trading Commission and $12-million by the Securities and Exchange Commission for employees' use of unapproved communication methods (all figures U.S.). The Globe's Jameson Berkow writes that the SEC fined a total of 11 firms over $88-million for record-keeping failures, including Canaccord Genuity Group, which agreed to pay a $1.25-million penalty. The CFTC said in a statement: "From at least Sept. 2018, to the present, CIBC failed to stop employees, including those at senior levels, from communicating using unapproved communication methods, including messages sent via personal text." CIBC spokesman Andrew McGrath said the bank respects the decisions. He said, "Throughout this process, CIBC offered its full cooperation to both regulators and took immediate remedies internally." In August, TD and RBC agreed to pay $124.5-million and $45-million in combined penalties to the regulators for similar violations. In 2023, Bank of Nova Scotia paid $22.5-million and Bank of Montreal paid $60-million for failing to stop employees from using personal messaging apps such as WhatsApp, Signal and iMessage.