Asset managers and rating agencies brace for next round of SEC texting fines

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Financial Times 16h ago

Asset managers and rating agencies brace for next round of SEC texting fines - Financial Times

Quick Summary:

In a statement accompanying the earlier settlements this week it reiterated its concern that when companies fail to preserve relevant records, subsequent investigations can be hampered to the detriment of investors.

The ICI’s Fang said that asset managers are “generally risk-averse” and prefer avoiding litigation when possible.“It’s easier for those firms to settle, to take the hit of the penalty as a cost of doing business, and then just move forward,” Fang said.

Invesco has set aside $50mn in connection with the SEC’s investigation plus “a separate regulatory matter,” according to a recent filing.