(Reuters) – Eleven broker-dealers and investment advisers have agreed to pay fines of more than $88 million to resolve allegations they failed to keep proper records of electronic communications, U.S. regulators’ latest in a series of such enforcement actions, the U.S. Securities and Exchange Commission announced Tuesday. The firms included Stifel, Nicolaus & Company, Invesco […]
U.S.
SEC fines 11 companies more than $88 million over record-keeping violations
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(Reuters) – Eleven broker-dealers and investment advisers have agreed to pay fines of more than $88 million to resolve allegations they failed to keep proper records of electronic communications, U.S. regulators’ latest in a series of such enforcement actions, the U.S. Securities and Exchange Commission announced Tuesday.
The firms included Stifel, Nicolaus & Company, Invesco Distributors Inc and CIBC World Markets Corp, which together agreed to pay the bulk of the fines, according to the SEC.
“Widespread and longstanding failures, including where those failures potentially hinder the Commission’s investor protection function by compromising a firm’s response to SEC subpoenas, may result in robust civil penalties,” SEC enforcement director Gurbir Grewal said in a statement.
(Reporting by Douglas Gillison)