- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-09-05T14:32:00
Six credit rating agencies will pay $49 million in fines to the Securities and Exchange Commission (SEC) for allowing their employees to communicate on company business using nonapproved communication channels like Whats App and WeChat.
The six firms are credit ratings agencies, representing a new category of firms entering into settlements with the SEC for off-channel communication violations that, until now, has mostly targeted broker-dealers and investment advisers.
According to an SEC press release, issued Tuesday, the latest firms to settle include Moody’s Investors Service, Inc. to pay $20 million; S&P Global Ratings to pay $20 million; Fitch Ratings, Inc. to pay $8 million; HR Ratings de México, S.A. de C.V. to pay $250,000; A.M. Best Rating Services, Inc. to pay $1 million; and Demotech, Inc. to pay $100,000.
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2025-01-15T16:24:00Z By Aaron Nicodemus
Twelve more firms have been dinged with fines by the Securities and Exchange Commission for failing to properly supervise employees who used off-channel communications to conduct company business. In this latest round of enforcement actions, nine investment advisers and three broker-dealers will pay a total of $63 million.
2024-09-24T15:31:00Z By Aaron Nicodemus
Regulators continue to hammer firms with fines for violating rules regarding the use of unapproved communication methods by employees, issuing $120 million in fines this week. And for the first time, two firms were not fined because they self-reported their violations.
2024-09-17T18:01:00Z By Aaron Nicodemus
Fines for off-channel communications use by employees just keep on coming, with 12 municipal advisory firms fined a total of $1.3 million in the latest Securities and Exchange Commission sweep.
2025-03-27T13:11:00Z By Jeff Dale
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
2025-03-27T12:49:00Z By Aaron Nicodemus
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
2025-03-26T18:48:00Z By Oscar Gonzalez
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.
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