By Denny Jacob

 

The Securities and Exchange Commission on Thursday said Barclays PLC agreed to pay $361 million to resolve charges over an unregistered offer and sale for securities.

The SEC said Barclays and Barclays Bank PLC agreed to pay a $200 million civil penalty. The regulator also ordered Barclays Bank to pay disgorgement and prejudgment interest of more than $161 million.

Both firms restated their year-end 2021 financial statements filed with the SEC as a result of over-issuances and internal control failure, the regulator said.

The charge stems from events in May 2017, when Barclays Bank had to quantify the total numbers of securities that it expected to offer, sell and pay registration fees for those offerings in a new registration statement following a settled action against an affiliate.

Barclays Bank needed to track actual offers and sales of securities against the number of registered offers and sales on a real time basis given this requirement, but no internal control was established, the SEC said. Barclays Bank offered and sold about $17.7 billion of securities in unregistered actions as a result due to the lack of internal control, the regulator said.

 

Write to Denny Jacob at denny.jacob@wsj.com

 

(END) Dow Jones Newswires

September 29, 2022 17:17 ET (21:17 GMT)

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