Bloomberg Finance LP has agreed to pay a $5 million fine to settle charges from the U.S. Securities and Exchange Commission (SEC) over 'misleading' disclosures relating to its paid subscription service, the regulator said on Monday.
The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/File Photo
Bloomberg failed to disclose to customers of its BVAL service that its daily price valuations for fixed-income securities could be based on a single data input from at least 2016 to October 2022, the SEC said in a statement. That practice did not adhere to methodologies the firm had previously disclosed, the agency said.
Mutual funds and other customers use BVAL prices to set the value of their investments in corporate and municipal bonds and securitized products, according to the SEC. While it found no evidence Bloomberg listed any erroneous prices, the agency said there were instances when its valuations were not derived in accordance with its stated methodologies.
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