KEY TAKEAWAYS

  • The SEC fined Goldman Sachs $6 million for failing to provide complete and accurate trading information.
  • Regulators indicated the violations of "blue sheet data" rules took place over approximately 10 years.
  • Goldman Sachs also settled similar charges brought by FINRA.

The Securities and Exchange Commission (SEC) said it settled charges against Goldman Sachs (GS) for “failing to provide complete and accurate securities trading information” for about a decade and fined Goldman Sachs $6 million fine to settle the matter.

The SEC indicated over that time, Goldman Sachs made more than 22,000 deficient submissions of what is known as “blue sheet data” to regulators.1 Officials said as a result of 43 different kinds of errors, at least 163 million transactions contained missing or inaccurate trade information. The Commission also found the company “lacked adequate processes to verify the accuracy of its electronic blue sheet submissions.”

Thomas Smith Jr., the SEC’s associate regional director in the New York Regional Office, explained that blue sheet data “is vital to the Commission’s ability to carry out its enforcement and regulatory functions and to protect investors and maintain market integrity.”

The SEC added that along with the fine, Goldman Sachs agreed to be censured and take steps to correct and improve its blue sheet reporting systems and controls.

The statement noted that separately, the bank reached a settlement over related conduct with the Financial Industry Regulatory Authority (FINRA).