SEC Hits Credit Rating Agencies for Records Violations

On September 3, 2024, the SEC charged six credit rating agencies with recordkeeping violations as the SEC continues its broad enforcement actions against all agencies that are subject to its jurisdiction. S&P, Moody's, and Fitch were among the charged. Each of the charged agencies admitted fault and agreed to pay civil penalties in a combined amount of approximately $50 million. The SEC commenced its enforcement efforts in 2021 and, as this announcement shows, the efforts show no sign of slowing.