header-logo header-logo

What’s up with WhatsApp?

13 October 2023 / Paul Schwartfeger
Issue: 8044 / Categories: Features , Technology
printer mail-detail
142549
The Morgan Stanley fine shows why good tech lawyers take a broad approach, explains Paul Schwartfeger
  • Too much tech specialism, particularly at an early stage, can be counter-productive to resolving the client’s issue.
  • Shows the complex range of issues tech lawyers might navigate when advising clients on compliance.
  • Illustrates why a broad approach works best.

Morgan Stanley’s fine for failing to record energy traders’ messages not only shows how Ofgem’s reach extends beyond energy companies, but also serves as a useful frame for thinking about the risks of ‘tech blinkers’ when it comes to matters of tech law.

Ofgem, the energy regulator for Great Britain, fined investment bank Morgan Stanley & Co International plc £5.4m last month for breaching regulations aimed at preventing insider dealing and market abuse in wholesale energy markets. The regulator found the bank breached reg 8 of the Electricity and Gas (Market Integrity and Transparency) (Enforcement etc) Regulations 2013 (2013/1389) after it failed to record messages linked to energy market transactions sent by traders via WhatsApp on

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Mourant—Stephen Alexander

Mourant—Stephen Alexander

Jersey litigation lead appointed to global STEP Council

mfg Solicitors—nine trainees

mfg Solicitors—nine trainees

Firm invests in future talent with new training cohort

NEWS
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
back-to-top-scroll