Goldman Sachs has agreed to pay a $6 million fine for sending inaccurate or incomplete trading data to the US Securities and Exchange Commission on at least 163 million trading transactions over approximately ten years.
The flaws were found in 22,000 data files known as blue papers, which companies routinely send to regulators, according to the Securities and Exchange Commission. The regulator said Goldman Sachs’ orders contained 43 different types of errors, including incorrectly reporting trades in US central time, instead of the required Eastern time. Regulators require blue papers from brokers to investigate suspicious trades.
Goldman Sachs acknowledged the findings of the regulatory body’s settlement order. The Securities and Exchange Commission said that Wall Street Bank also reached a related settlement with the Financial Industry Regulatory Authority.
“We are pleased to have reached a resolution to this matter,” Goldman Sachs said in a statement. The bank, which itself reported many of the errors, is working to submit the corrected blue papers to the Securities and Exchange Commission.
Friday’s settlement is the latest in a series of fines this year that regulators imposed on the Wall Street giant.
In August, the bank paid $5.5 million to the US Commodity Futures Trading Commission over allegations that it failed to retain thousands of phone calls. It paid $15 million to the same regulator in April over allegations that it failed to disclose pricing data for some swap transactions. Earlier this year, in another settlement, Goldman paid $3 million to Finra.
«Bloomberg».
2023-09-23 18:45:09
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