SEC fines Sound Point Capital $1.8M over policy failures
By 
Aaron Nicodemus2024-08-27T17:06:00
Investment adviser Sound Point Capital Management will pay a $1.8 million fine to the Securities and Exchange Commission for failing to have written compliance procedures on handling material nonpublic information (MNPI).
New York City-based Sound Point failed to “establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of [MNPI] concerning its trading of collateralized loan obligations (CLOs),” the SEC alleged in a press release Monday.
According to the SEC’s order, Sound Point managed and traded its own CLOs, along with third-party CLOs. Its credit business participated in lender groups or creditors’ committees. Through these sources, Sound Point occasionally came into possession of MNPI.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefEx-Apple insider trading compliance head fined $1.1M for insider trading
A former Apple attorney who oversaw the company’s compliance with insider trading rules will pay a $1.1 million fine to settle insider trading charges levied by the Securities and Exchange Commission.
-
News BriefCCO among 12 individuals charged in DOJ, SEC insider trading sweep
The Department of Justice and Securities and Exchange Commission announced charges against a dozen individuals across four separate insider trading cases, including an alleged scheme involving the chief compliance officer of an international payment processing company.
-
Article
Sound Point appoints chief compliance officer
Asset management firm Sound Point Capital Management announced the appointment of Andrea Sayago as chief compliance officer and associate general counsel.
More from Regulatory Enforcement
-
ArticleFrench investigators target anticompetitive practices in largest accounting firms
Major accountancy firms in France are under investigation for anti-competitive practices. The French competition watchdog embarked on a series of “unannounced inspections” and removed documents relating to audit and reporting on Jan. 13.
-
ArticleEU investigation into Grok may expose problems with DSA rather than compliance failings
The European Commission has launched a formal investigation against Elon Musk’s X under the Digital Services Act over fears that its AI tool Grok may be producing and disseminating illegal material.
-
ArticleFormer ADM execs inflated operating profits, SEC alleges
Three former executives at Archer-Daniels-Midland intentionally misled investors by inflating the performance of the company’s Nutrition unit, the U.S. Securities and Exchange Commission has alleged.