Defendant Name:
DBRS, Inc.
Defendant Type:
Subsidiary of Public Company
Document Reference:
2023-211_3-21772
Document Details
Legal Case Name
In the Matter of DBRS, Inc.
Document Name
SEC Charges Two Credit Rating Agencies, DRBS and KBRA, with Longstanding Recordkeeping Failures
Document Date
29-Sep-2023
Document Format
Administrative Proceeding
Allegation Type
Other
Document Summary
On September 29, 2023, the SEC "announced charges against
credit rating agencies DBRS Inc. and Kroll Bond Rating Agency, LLC (KBRA) for longstanding failures to preserve
electronic records, including off-channel communications on personal and work-issued devices. Additionally, the
SEC charged DBRS with violating disclosure and internal control provisions of the federal securities laws in rating
certain commercial mortgage-backed securities (CMBS). To settle the charges, DBRS agreed to pay $8 million in
civil penalties and KBRA agreed to pay $4 million in civil penalties."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Civil Penalty
Individual:
$2,000,000.00
Shared: