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
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:
