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.

Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...