US charges 11 investment managers for failing to report securities holdings

​​​​​​​By Ovunc Kutlu

ISTANBUL (AA) - The US Securities and Exchange Commission (SEC) announced Tuesday charges against 11 institutional investment managers for failing to report certain securities holdings.

The US regulator said the investment managers were required to file because they have discretion over more than $100 million in certain securities.

All 11 firms agreed to settle the charges, as nine will pay more than $3.4 million in combined civil penalties.

Two firms were not ordered to pay civil penalties because they self-reported the violations, the SEC said in a statement.

"The integrity of the securities markets depends largely on firms providing accurate, timely information about their securities holdings and trading activity," said Jason Burt, director of the Denver Regional Office.