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
-
News BriefSEC’s Uyeda: ‘Enforcement is the wrong way’ to handle off-channel communications
The U.S. Securities and Exchange Commission’s Mark Uyeda told an audience of investment advisers that the SEC will no longer prioritize stand-alone enforcement actions for violations of the SEC’s rules on off-channel communications.
-
News BriefAdobe agrees to $150M settlement over alleged cancellation fee violations
Adobe agreed to a $150 million settlement with the U.S. Department of Justice over accusations that it concealed software termination fees and made it difficult for customers to cancel.
-
ArticleU.K. competition regulator ‘very likely’ to use new enforcement powers despite government’s pro-growth agenda
New powers granted to the U.K.’s main competition watchdog will result in greater scrutiny, tougher enforcement, and a stark warning for companies to review their sales and marketing promotions—especially since some practices have been pushed firmly into the spotlight thanks to legislation that came into effect last year.