tl;dr
Several Wall Street firms, including Bank of New York Mellon and Truist, have agreed to collectively pay a $470 million fine to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for failing to follow record-keeping rules. The firms admitted to usin...
Wall Street firms, including BNY Mellon and Truist, have agreed to pay a collective fine of $470 million to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for failing to comply with record-keeping rules. The violations involved the use of "off-channel" work communications, which contravened federal securities laws. Notably, BNY Mellon will pay $40 million to the SEC, while Truist will pay $5 million to the SEC and $3 million to the CFTC.
Other financial companies, such as Ameriprise Financial Services, Edward D. Jones & Co, LPL Financial, and Raymond James & Associates, will also pay substantial fines, each totaling $50 million, to the SEC. Additionally, Toronto Dominion (TD) Bank has agreed to pay $75 million to the CFTC, and its subsidiary, Cowen and Company, will settle $3 million in penalties with the CFTC.
Several other firms, including the Royal Bank of Canada (RBC) Capital Markets, Osaic Services, Piper Sandler & Co, First Trust Portfolios, Apex Clearing Corporation, Cetera Advisor Networks, Great Point Capital, Hilltop Securities, P. Schoenfeld Asset Management, and Haitong International Securities (USA), will also pay penalties to US regulators for record-keeping violations.
It is worth noting that some firms received lower civil penalties for self-reporting their record-keeping breaches, underscoring the significance of proactive cooperation with regulators. Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, emphasized the vital role of compliance with record-keeping requirements in safeguarding investor protection and ensuring the proper functioning of markets.
More about Toronto Dominion Bank
Toronto Dominion Bank offers a variety of personal and commercial banking products and services in Canada and the United States. The company is headquartered in Toronto, Canada.
Industry: FINANCE, COMMERCIAL BANKS, NEC
Market Cap: 103.74B
PE Ratio: 18.66
EPS: 4.02
Dividend Yield: 3.18%
Beta: 29.5
ROE: 0.157
Revenue: 52.31B
Net Income: 64.91
Debt to Equity: -0.203
Quick Ratio: 0.079
More about RBC Bearings Incorporated
RBC Bearings Incorporated Summary RBC Bearings Incorporated
RBC Bearings Incorporated designs, manufactures, and sells electric motors, electric motion controls, and power generation and transmission products worldwide. The company is headquartered in Beloit, Wisconsin.
Technology Sector
Industry: Ball & Roller Bearings
Market Cap: 8.619897 billion
PE Ratio: 43.5
Dividend Yield: None
EPS: 6.78
52-Week High: 54.52
52-Week Low: 0.14
Volume: 1,579,500,000
Relative Strength Index (RSI): 309
Short Interest Ratio: 0.25
Change from Open: 0.05