US fines ratings agencies for ‘significant’ recordkeeping failures

The US Securities and Exchange Commission (SEC) has fined six major ratings agencies, including Moody’s, S&P, and Fitch, a total of $49 million for significant recordkeeping failures. The largest penalties were given to Moody’s and S&P ($20 million each) and Fitch ($8 million). Three smaller agencies also received fines. All firms acknowledged violating recordkeeping laws and have started improving their compliance policies. The SEC emphasized that cooperating with investigations can lead to tangible benefits for firms.READ FULL