Advisory Firm Atom Investors, Charged with Recordkeeping Violations, Avoids Civil Penalty Because of Self-Reporting, Substantial Cooperation, and Prompt Remediation

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The Securities and Exchange Commission (SEC) announced charges against Texas-based registered investment adviser Atom Investors LP for failing to maintain and preserve off-channel communications in violation of federal securities laws. The company self-reported the conduct, promptly remediated the violations, and cooperated with the SEC's investigation, resulting in no penalty being imposed. According to the order, Atom Investors had failed to preserve records, including communications by senior personnel, over a three-year period, which hindered an investigation into a third party. The SEC's Division of Enforcement emphasized that cooperation is available in recordkeeping matters and that Atom Investors' self-reporting and remedial efforts were taken into account in the decision not to impose a penalty.