Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: DBRS Inc.
Penalty: $6,000,000
Year: 2023
Date: September 29, 2023
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: The Securities and Exchange Commission announced charges against credit rating agencies DBRS Inc. and Kroll Bond Rating Agency, LLC (KBRA) for longstanding failures to preserve electronic records, including off-channel communications on personal and work-issued devices. Additionally, the SEC charged DBRS with violating disclosure and internal control provisions of the federal securities laws in rating certain commercial mortgage-backed securities (CMBS). To settle the charges, DBRS agreed to pay $8 million in civil penalties and KBRA agreed to pay $4 million in civil penalties.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.