Defendant Name:
Institutional Shareholder Services, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
MSCI Inc
SIC Code:
7389
CUSIP:
55354G10
Document Reference:
IA-3611
Document Details
Legal Case Name
In the Matter of Institutional Shareholder Services Inc.
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 203(e) and 203(k) of the Investment Advisors Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
23-May-2013
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On May 23, 2013, the SEC issued an administrative order instituting a cease-and-desist proceeding pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act against Institutional Shareholder Services Inc. (ISS). The SEC found that from approximately 2007 through early 2012 "an ISS employee provided information to a proxy solicitor concerning how more than 100 of ISS's institutional shareholder advisory clients were voting their proxy ballots. In exchange for vote information, the proxy solicitor gave the ISS employee meals, expensive tickets to concerts and sporting events, and an airline ticket." Considering ISS's offer of settlement and remediation efforts, the SEC ordered it to "cease-and-desist from committing or causing any violations and any future violations of Section 204A of the Advisers Act, and to pay a civil penalty of $300,000."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Various Undertakings
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$300,000.00
Shared:
