- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-09-05T14:32:00
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.
According to an SEC press release, issued Tuesday, the latest firms to settle include Moody’s Investors Service, Inc. to pay $20 million; S&P Global Ratings to pay $20 million; Fitch Ratings, Inc. to pay $8 million; HR Ratings de México, S.A. de C.V. to pay $250,000; A.M. Best Rating Services, Inc. to pay $1 million; and Demotech, Inc. to pay $100,000.
2025-01-15T16:24:00Z By Aaron Nicodemus
Twelve more firms have been dinged with fines by the Securities and Exchange Commission for failing to properly supervise employees who used off-channel communications to conduct company business. In this latest round of enforcement actions, nine investment advisers and three broker-dealers will pay a total of $63 million.
2024-09-24T15:31:00Z By Aaron Nicodemus
Regulators continue to hammer firms with fines for violating rules regarding the use of unapproved communication methods by employees, issuing $120 million in fines this week. And for the first time, two firms were not fined because they self-reported their violations.
2024-09-17T18:01:00Z By Aaron Nicodemus
Fines for off-channel communications use by employees just keep on coming, with 12 municipal advisory firms fined a total of $1.3 million in the latest Securities and Exchange Commission sweep.
2025-06-25T16:29:00Z By Oscar Gonzalez
In May, three commissioners for the Consumer Product Safety Commission were abruptly fired by President Donald Trump and sued for their jobs shortly after. A federal judge has ruled that the commissioners should be reinstated, although it’s unclear whether that ruling may itself be reversed.
2025-06-19T19:28:00Z By Ruth Prickett
Fraud now accounts for around 40% of all crime in the U.K., posing a major problem for banks and consumers. Ted Datta, head of industry practice for financial crime compliance at Moody’s, warns that the risk is growing fast.
2025-06-16T18:04:00Z By Neil Hodge
Trying to put rules in place to oversee an industry that has grown largely outside of regulation is not without serious challenges. But the UK’s Financial Conduct Authority’s (FCA) latest consultation aims to attract industry views about how some key aspects of crypto trading should be regulated ahead of planned ...
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