The U.S. Securities and Exchange Commission (SEC) has taken a significant step toward greater transparency by issuing fines against 11 institutional investment managers for failing to file required Forms 13F. These forms are used to disclose shareholdings exceeding $100 million in certain securities. Notably, the SEC has chosen to levy separate fines for each specific non-compliance issue, rather than amalgamating multiple fines into a single penalty.
The 11 entities involved in the charges represent a diverse range of institutions, including pension funds, investment advisory firms, wealth advisers, asset managers, and even banks, with assets under management (AUM) ranging from $1 billion to $10 billion. This demonstrates the SEC’s broad focus on ensuring compliance across various segments of the market.
In addition to the Form 13F violations, two entities, Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. and NEPC, LLC, were also charged with failing to file Forms 13H, which are required for large traders who engage in substantial trading of exchange-listed securities.
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