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Morningstar to pay $3.5 million to settle SEC charges for violating conflict of interest rule

( May 15, 2020, 14:21 GMT | Official Statement) -- MLex Summary: New York-based credit rating agency Morningstar Credit Ratings has agreed to pay $3.5 million to settle US Securities and Exchange Commission charges for violating a conflict of interest rule by failing to separate credit ratings functions from sales and marketing efforts. The SEC said credit rating analysts in Morningstar’s asset-backed securities group engaged in sales and marketing to prospective clients, and Morningstar’s head of business development instructed analysts to identify business targets and pursue them through marketing calls, meetings, and offers to provide indicative ratings....

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