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McKinsey affiliate to pay $18 million for compliance failures -U.S. securities regulator -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : McKinsey and Company’s logo can be seen at the high-profile gathering of tech leaders and startups, Viva Tech. Paris, France. May 16, 2019, REUTERS/Charles Platiau/File Photo

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission (SEC) on Friday said an affiliate of consulting firm McKinsey & Company has agreed to pay $18 million for compliance failures in handling nonpublic information.

McKinsey’s affiliate MIO Partners maintained inadequate policies and procedures to prevent McKinsey partners from misusing material nonpublic information they obtained as consultants to public companies and other McKinsey clients while they were simultaneously overseeing the affiliate’s investment decisions, the SEC said in a statement.

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