By an SEC order dated December 17, 2021, JP Morgan Securities, a wealth management brokerage and subsidiary of JPMorgan Chase, agreed to enter into settled Order Instituting Proceedings (OIP), which set out a failure to comply with Sections 17(a)(1) of the Exchange Act and Rule 17a-4 thereunder, from January 2018 through November 2020. That compliance failure meant that JP Morgan Securities failed to preserve communications by employees about their securities business on personal devices, personal email, and other communication platforms. JP Morgan agreed to pay $125 million to the SEC and an additional $75 million to the Commodity Futures Trading Commission (along with some related entities). Among other things, JP Morgan conceded that, in response to various subpoenas from the SEC, it failed to search personal devices of its employees, thus failing to produce responsive materials.