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
Document Reference:
IA-6189
Document Details
Legal Case Name
In the Matter of Goldman Sachs Asset Management, L.P.
Document Name
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
Document Date
22-Nov-2022
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
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”)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Civil Penalty
Individual:
$4,000,000.00
Shared:
