(Finance) – Bloomberg Finance LP ha agreed to pay $5 million to the Securities and Exchange Commission (SEC) for “misleading information” relating to its paid subscription service, BVAL, which provides daily ratings of prices for fixed income securities.
The SEC said that, from at least 2016 through October 2022, Bloomberg did not disclose to its BVAL clients that the valuations of some stocks fixed-income they could be based on a single data inputsuch as a quote from a broker, and therefore did not comply with the methodologies it had previously announced.
“Bloomberg has taken on a pivotal role as a pricing service for fixed income and market participants it’s up to Bloombergas well as other pricing services, provide accurate information to their clients on their assessment processes,” said Osman Nawaz, head of the Enforcement division of the Complex Financial Instruments unit.
“This matter underscores that we will hold service providers, such as Bloomberg, accountable for misrepresentations that they have a impact on investors“, he added.
Without acknowledging or denying the findings, Bloomberg agreed to pay a $5 million fine and voluntarily committed to corrective efforts to make improvements to its BVAL line of business.
(Photo: Maxim Hopman on Unsplash)