MIO Partners, a registered investment adviser and wholly owned subsidiary of management consulting firm McKinsey & Company, has agreed to pay an $18 million penalty for failing to maintain adequate policies and procedures to prevent the misuse of material nonpublic information, the Securities and Exchange Commission (SEC) announced Friday.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...