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US SEC fines 12 municipal advisors for recordkeeping violations

BY Reuters | MUNICIPAL | 09/17/24 09:24 AM EDT

Sept 17 (Reuters) - The U.S. Securities and Exchange Commission on Tuesday fined 12 municipal advisors more than $1.3 million to settle civil charges that they failed to preserve electronic communications such as text messages.

All 12 firms were charged with violating recordkeeping provisions of the Securities Exchange Act and rules of the Municipal Securities Rulemaking Board, with supervisors responsible for some of the failures, the SEC said.

The largest fines included $324,000 against Kaufman Hall & Associates, together with Ponder & Co; $250,000 against PFM Financial Advisors, and $250,000 against Specialized Public Finance. (Reporting by Jonathan Stempel in New York)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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