Defendant Name: Barclays PLC

Defendant Type: Public Company
SIC Code: 6029
CUSIP: 06738E20

Document Reference: 33-11110

Document Details

Legal Case Name In the Matter of Barclays PLC and Barclays Bank PLC
Document Name Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date 29-Sep-2022
Document Format Administrative Proceeding
File Number 3-21181
AAER 4344
Allegation Type Securities Offering
Document Summary On September 29, 2022, the SEC instituted settled cease-and-desist proceedings against Barclays PLC and Barclays Bank PLC, stating: "This matter arises from BBPLC's failure to put into place any internal control around the real-time tracking of securities being offered or sold off of its Commission-registered shelf registration statement. As a result of this failure, BBPLC offered and sold an unprecedented amount of securities--cumulatively totaling approximately $17.7 billion--in excess of what it had registered with the Commission, in violation of Sections 5(a) and (c) of the Securities Act. And, in connection with the over-issuances and internal control failure, BPLC and BBPLC restated their year-end 2021 audited financial statements filed with the Commission."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:

Civil Penalty

Individual:     Shared:     $200,000,000.00
Shared with: Barclays Bank PLC

Related Documents:

2022-179 29-Sep-2022 Press Release--Administrative Proceeding
Barclays Agrees to a $361 Million Settlement to Resolve SEC Charges Relating to Over-Issuances of Securities
The SEC stated that: "[It] charged Barclays PLC and Barclays Bank PLC (BBPLC) in connection with the unregistered offer and sale of an unprecedented amount of securities due to a failure to implement any internal control to track such transactions in real time. Both firms restated their year-end 2021 audited financial statements filed with the Commission as a result of the overissuances and internal control failure. The firms agreed to pay a $200 million civil penalty and the SEC additionally ordered BBPLC to pay disgorgement and prejudgment interest of more than $161 million, which was deemed satisfied by an offer of rescission BBPLC made to investors in the unregistered offerings."
34-97221 30-Mar-2023 Administrative Proceeding
Order Establishing a Fair Fund
The Commission ordered that: "a Fair Fund is established for the $200,000,000 civil penalty collected from the Respondents so it can be distributed to harmed investors."
34-97632 01-Jun-2023 Administrative Proceeding
Extension Order
The Commission ordered that: "the Division's request for an extension of time until November 30, 2023 to submit a Proposed Plan of Distribution is granted."
34-97874 11-Jul-2023 Administrative Proceeding
Order Appointing Tax Administrator
The Commission ordered that "pursuant to the Omnibus Order, Heffler, Radetich & Saitta, LLP is appointed as the Tax Administrator for the QSF in the above-referenced proceeding."
34-98918 13-Nov-2023 Administrative Proceeding
Order Appointing Fund Administrator, Setting Administrator's Bond Amount, and Authorizing Payment of Fees and Expenses
The Commission ordered that: "A. KCC is appointed as the Fund Administrator . . . ; B. KCC shall obtain a bond . . . in the amount of $200,000,000.00; C. the Fund Administrator will submit invoices to the Commission staff for services rendered . . . ; D. at the direction of an Assistant Director of the Office of Distributions, OFM is authorized to pay the Fund Administrator’s fees and expenses from the Fair Fund."
34-99038 29-Nov-2023 Administrative Proceeding
Second Extension Order
The Commission ordered: "Division's request for an extension of time until May 30, 2024 to submit a Proposed Plan of Distribution is granted."
34-102254 22-Jan-2025 Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
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."
34-102254-pdp 22-Jan-2025 Administrative Proceeding
Proposed Plan of Distribution
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 Barclays PLC (“Barclays”) and Barclays Bank PLC (“Barclays Bank”) (collectively, the “Respondents”) in the above-captioned matter."
34-102926 24-Apr-2025 Administrative Proceeding
Order Extending Time to Enter Order Approving or Disapproving Plan of Distribution
The Commission stated that "On January 22, 2025, pursuant to Rule 1103 of the United States Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans (the "Commission's Rules"), 17 C.F.R. § 201.1103, the Commission published a Notice of Proposed Plan of Distribution and Opportunity for Comment ("Notice") for the distribution of monies placed into a Fair Fund in the above-captioned matter. The Notice invited public comment on the proposed plan of distribution ("Plan") through February 21, 2025, and the Commission received two public comments that raised various issues (the "Comments")."

Other Defendants in Action:

Barclays Bank PLC