US SEC charges 12 firms with record-keeping failures. On Friday, the United States securities regulator said it had levied fines against 12 companies for failing to keep adequate records. The entities included brokers, financial advisors, and credit rating organizations.
According to the Securities and Exchange Commission (SEC), the businesses, including Interactive Brokers Corp, Fifth Third Securities, and Nuveen Securities, have agreed to pay $79 million and confessed that they breached the record-keeping regulations.
Earlier this week, Reuters was the first to disclose that the SEC was very close to reaching a deal with multiple Wall Street businesses.
The latest enforcement action in the SEC’s two-year assault on Wall Street’s use of WhatsApp and other banned messaging applications, which has so far resulted in fines totaling more than $2 billion, has been taken by the SEC.
In addition, the regulator stated that credit rating companies DBRS Inc. and Kroll Bond Rating Agency, LLC had also consented to pay civil fines to address SEC accusations connected to record-keeping violations.
According to the SEC, employees at both companies neglected to retain electronic communications, including off-channel messages stored on personal devices and those issued by the companies themselves. In addition, DBRS was accused of breaking the law about the ratings of several commercial mortgage-backed securities.
According to the SEC’s statements, DBRS has agreed to pay $8 million in civil penalties to resolve the accusations, and KBRA has agreed to pay $4 million in civil penalties.
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