Defendant Name: Royal Bank of Canada

Defendant Type: Public Company
SIC Code: 6719
CUSIP: 78008710

Initial Case Details

Legal Case Name In the Matter of Royal Bank of Canada
First Document Date 02-Nov-2023
Initial Filing Format Administrative Action
File Number 3-21792
Allegation Type Issuer Reporting and Disclosure
AAER 4473

Violations Alleged

Exchange Act
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)

Resolutions

First Resolution Date 02-Nov-2023
Headline Total Penalty and Disgorgement $6,000,000

Related Documents:

34-98849 02-Nov-2023 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On November 2, 2023, the SEC instituted cease-and-desist proceedings against Royal Bank of Canada, stating: "This matter concerns internal accounting control deficiencies relating to accounting for internally developed software (“IDS”) costs by Respondent Royal Bank of Canada."
2023-232 02-Nov-2023 Press Release--Administrative Proceeding
SEC Charges Royal Bank of Canada with Internal Accounting Controls Violations
On November 2, 2023, the SEC "announced that Canada’s largest bank, Royal Bank of Canada, will pay a $6 million penalty to settle charges that it violated the books and records and internal accounting controls provisions of the securities laws relating to its accounting for its costs of internally developed software."