US Securities Commission Penalizes 11 Companies For Record-Keeping Violations
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.”
