The U.S. Securities and Exchange Commission (SEC) is finalizing settlements with around two dozen Wall Street firms to resolve investigations into record-keeping lapses, said two people with knowledge of the matter.
Under the deals being finalized with the SEC, the firms would pay fines, admit wrongdoing and commit to fixing the lapses, including by hiring independent consultants to overhaul their record-keeping programs, the two sources said. One said some firms could pay as much as $50 million.
The SEC is expected to announce some of the settlements in one group ahead of its fiscal year-end on Sept. 30, but the negotiations are fluid, said a third source familiar with the situation.
‘Enforcement 40’ for 2020
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