Defendant Name: Goldman Sachs Asset Management, L.P.

Defendant Type: Subsidiary of Public Company
Public Company Parent: The Goldman Sachs Group, Inc
SIC Code: 6211
CUSIP: 38141G10

Initial Case Details

Legal Case Name In the Matter of Goldman Sachs Asset Management, L.P.
First Document Date 22-Nov-2022
Initial Filing Format Administrative Action
File Number 3-21245
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Section 206(4) Advisers Act; Rule 206(4)-7 Advisers Act

Resolutions

First Resolution Date 22-Nov-2022
Headline Total Penalty and Disgorgement $4,000,000

Related Documents:

IA-6189 22-Nov-2022 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On November 22, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against Goldman Sachs Asset Management, L.P., stating: "From April 2017 to February 2020 (“Relevant Period”), GSAM failed to adopt and implement policies and procedures reasonably designed to prevent violations of the federal securities laws concerning the investment process GSAM’s Fundamental Equity group (“GSAM FE”) utilized while advising an ESG (environmental, social and governance) separately managed account (“SMA”) strategy and two ESG mutual funds – respectively, the US Equity ESG Strategy (“ESG SMA Strategy”), Goldman Sachs International Equity ESG Fund (“International ESG Fund”), and Goldman Sachs ESG Emerging Markets Equity Fund (“EM ESG Fund”) (collectively “ESG Investment Products”)."
2022-209 22-Nov-2022 Press Release--Administrative Proceeding
SEC Charges Goldman Sachs Asset Management for Failing to Follow Its Policies and Procedures Involving ESG Investments
The SEC announced that: "[It] charged Goldman Sachs Asset Management, L.P. (GSAM) for policies and procedures failures involving two mutual funds and one separately managed account strategy marketed as Environmental, Social, and Governance (ESG) investments. To settle the charges, GSAM agreed to pay a $4 million penalty."