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.
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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.
Source: Exclusive: US SEC nearing settlement with Wall Street firms over WhatsApp probe -sources | Reuters
