Defendant Name: Barclays PLC

Defendant Type: Public Company

Document Reference: 2022-179

Document Details

Legal Case Name In the Matter of Barclays PLC and Barclays Bank PLC
Document Name Barclays Agrees to a $361 Million Settlement to Resolve SEC Charges Relating to Over-Issuances of Securities
Document Date 29-Sep-2022
Document Format Administrative Proceeding
File Number 3-21181
Allegation Type Securities Offering
Document Summary 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."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Monetary Penalties:

Civil Penalty

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

Related Documents:

33-11110 29-Sep-2022 Administrative Proceeding
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
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."
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."

Other Defendants in Action: