(RTTNews) – S&P Dow Jones Indices or S&P DJI, a division of S&P Global, Inc. (SPGI), announced Monday that it has reached a $9 million settlement with the U.S. Securities and Exchange Commission or SEC to resolve a matter that was the subject of a previously disclosed Wells Notice.
The settlement order finds that S&P DJI, which neither admits nor denies the SEC’s allegations, acted negligently in violation of Section 17(a)(3) of the Securities Act of 1933 with respect to the operation of a then undisclosed quality assurance mechanism and its impact on certain real-time values of the S&P 500 VIX Short-Term Futures Index ER on a single business day, February 5, 2018. S&P DJI said it is pleased to have concluded this matter.
In the order, the SEC acknowledged S&P DJI’s cooperation with the SEC staff. The company agreed to pay a penalty of $9 million and to cease and desist from committing or causing any violations and any future violations of Section 17(a)(3) of the Securities Act.
The company said it continues to enhance and strengthen its control framework and operations to meet the needs of its clients and the evolving markets it serves.