The Securities and Exchange Commission (SEC) revealed on Friday that Goldman Sachs has been fined $6 million for submitting incomplete blue sheets, providing inaccurate information. This penalty comes after the SEC uncovered the financial giant’s failure to deliver complete and reliable details in its blue sheet documents, which outline transaction specifics and are required to be sent to the SEC.
“The SEC’s order finds that Goldman willfully violated the broker-dealer record-keeping and reporting provisions of the federal securities laws. Goldman admitted the findings in the SEC’s order and agreed to be censured and to pay the $6 million penalty,” as mentioned in the SEC’s press release. Over the past decade, Goldman Sachs has submitted more than 22,000 incomplete blue sheets, covering at least 163 million transactions. However, the SEC acknowledged the firm’s self-reporting of errors and its efforts to enhance blue sheet reporting systems and controls, which included a comprehensive review of its reporting program resulting in the discovery and self-reporting of 29 out of the 43 types of errors cited in the order.
New York Regional Office Associate Director Thomas P. Smith emphasized the importance of accurate blue sheet data provision, stating, “firms must provide complete and accurate blue sheet data in response to our requests.”
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