SEC SECURITIES AND EXCHANGE COMMISSION FILING IN THE UNITED STATES
On December 16, 2024, the Securities and Exchange Commission (SEC) announced that they have issued an order instituting settled administrative proceedings with a financial services company. The company, without admitting or denying the findings, consented to the SEC’s order.
According to the SEC’s order, the company was found to have failed to adopt and implement policies and procedures reasonably designed to prevent the misuse of material non-public information. This resulted in the company violating provisions of the federal securities laws.
As part of the settlement, the company agreed to cease and desist from committing or causing any future violations of these provisions. The company also agreed to pay a civil money penalty to the SEC.
It is important for all financial services companies to have robust policies and procedures in place to prevent the misuse of material non-public information. Failing to do so can result in serious consequences, as demonstrated by this case.
If you work in the finance industry, it’s crucial to stay informed about regulatory requirements and to ensure that your company is in compliance with all relevant laws and regulations. By doing so, you can help protect both your company and your clients from potential legal issues.
