SEC Fines Credit Rating Agencies $49M Over Recordkeeping Failures | CISNewsStudio1s

The U.S. Securities and Exchange Commission (SEC) has fined six major credit rating agencies a total of $49 million for failing to maintain electronic communications, citing ‘significant failures’ in compliance with federal securities laws. The firms have admitted to the facts laid out in the SEC’s orders, acknowledging violations of recordkeeping provisions.

In response to the SEC’s actions, S&P Global issued a press release on Tuesday, expressing satisfaction with the resolution of the matter. The company stated, “S&P Global takes compliance with regulatory obligations very seriously and is committed to the integrity of its ratings process and high-quality independent credit ratings.”

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