Defendant Name:
DBRS, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Morningstar, Inc.
SIC Code:
6282
CUSIP:
61770010
Document Reference:
34-98638
Document Details
Legal Case Name
In the Matter of DBRS, Inc.
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 15E(d) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
29-Sep-2023
Document Format
Administrative Proceeding
Allegation Type
Other
Document Summary
On September 29, 2023, the SEC instituted settled administrative and cease-and-desist proceedings against DBRS, Inc., stating: "These proceedings arise out of the longstanding failure by DBRS, an NRSRO, to
adhere to NRSRO recordkeeping requirements. DBRS employees, including those at senior levels,
have communicated internally by text messages since at least July 2019. The text messages
occurred both on personal and DBRS-issued cell phones, and they included discussions of
initiating or determining credit ratings."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Monetary Penalties:
Civil Penalty
Individual:
$6,000,000.00
Shared: