SEC Charges Six Credit Rating Agencies with Significant Recordkeeping Failures

'The Securities and Exchange Commission (SEC) announced charges against six nationally recognized statistical rating organizations for significant failures in maintaining and preserving electronic communications. The firms, including Moody's Investors Service, S&P Global Ratings, Fitch Ratings, and others, admitted wrongdoing and agreed to pay combined civil penalties of more than $49 million. Each firm was charged with violating Section 17(a)(1) of the Securities Exchange Act of 1934 and was ordered to cease and desist from future violations. The firms have also begun implementing improvements to their compliance policies and procedures to address these violations.'