The SEC stated that: "[It] settled charges against S&P Dow Jones Indices LLC for failures relating to a previously undisclosed quality control feature of one of its volatility-related indices, which led S&P DJI to publish and disseminate stale index values during a period of unprecedented volatility."

On May 17, 2021, the SEC instituted settled cease-and-desist proceedings against S&P Dow Jones Indices LLC stating: "On Monday, February 5, 2018, the CBOE Volatility Index or "VIX" experienced an unprecedented spike of 115%. S&P Dow Jones Indices LLC ("S&P DJI") publishes an index, which measures the return from a rolling long position for certain VIX futures contracts, known as the S&P 500 VIX Short-Term Futures Index ER ("Index"), which S&P DJI licenses to, among other entities, sponsors and issuers that use it to establish, structure, manage, offer, and sell securities . . . Despite this notable market volatility on February 5, the Index remained static during certain intervals between the 4:00 PM hour up until 5:08 PM, even though it was supposed to calculate values based on real-time prices of certain VIX futures contracts . . . S&P DJI's actions with respect to the undisclosed Auto Hold resulted in static Index values being published and disseminated to the market that were not based on the real-time prices of certain VIX futures contracts. As a result, S&P DJI violated Section 17(a)(3) of the Securities Act."

The Commission ordered that: "the Division’s request for an extension of time until March 31, 2022 to submit a Proposed Plan of Distribution is granted."

The Commission ordered that: "Miller Kaplan . . . is appointed the Tax Administrator for the QSF in the above-referenced proceeding."

The Commission ordered that: "Epiq is appointed as the fund administrator . . . and shall obtain a bond . . . in the amount of $9,000,000.00."

The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of monies paid in the above-captioned matter."

The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the “Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . . This Plan provides for the distribution of a Fair Fund (the “Fair Fund”), comprised of civil money penalties paid by S&P Dow Jones Indices LLC (the “Respondent”) in the above-captioned matter."

The Commission ordered that: "the Proposed Plan is approved, and the approved Plan of Distribution shall be posted simultaneously with this order on the Commission’s website at www.sec.gov."

The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the "Plan") to the United States Securities and Exchange Commission (the "Commission") . . . This Plan provides for the distribution of a Fair Fund (the "Fair Fund"), comprised of civil money penalties paid byS&P Dow Jones Indices LLC (the "Respondent") in the above-captioned matter."

The Commission ordered that: "OFM pay the Fund Administrator’s fees and expenses of $66,426.96 from the Fair Fund . . . OFM pay the Fund Administrator’s fees and expenses of $66,426.96 from the Fair Fund . . . , so long as the total amount paid to the Fund Administrator, including the invoice to be paid, does not exceed the total amount of the approved cost proposal submitted by the Fund Administrator."

The SEC ordered that: "Commission staff shall transfer $9,048,493.23 from the Fair Fund to the Fair Fund’s escrow account at The Huntington National Bank in accordance with the Payee List, and the Fund Administrator shall distribute such monies in accordance with the Plan."