US Securities Commission Penalizes 11 Companies For Record-Keeping Violations

This was the latest in a series of enforcement actions

By: :  Daniel
Update: 2024-09-24 16:45 GMT


US Securities Commission Penalizes 11 Companies For Record-Keeping Violations

This was the latest in a series of enforcement actions

The US Securities and Exchange Commission (SEC) has stated that 11 broker-dealers and investment advisers have agreed to pay fines of over $88 million to settle allegations that they failed to maintain records of electronic communications.

The firms included Stifel, Nicolaus & Company, Invesco Distributors Inc and CIBC World Markets Corp, which agreed to pay the bulk of the fines.

In a statement, Gurbir Grewal, SEC enforcement director said, "The widespread and long-standing failures, including those that hinder the Commission's investor protection function by compromising a firm's response to SEC subpoenas, may result in robust civil penalties.”

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By: - Daniel

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