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McKinsey's affiliate will pay $ 18 million for non-compliance



(Reuters) – The US Securities and Exchange Commission said on Friday that a subsidiary of the consulting firm McKinsey & Co. has agreed to pay $ 18 million for non-compliance with the handling of non-public information.

McKinsey's subsidiary MIO Partners, which manages investments. for current and former McKinsey employees, maintained inadequate policies and procedures to prevent partners from abusing material non-public information they received as consultants to public companies and other clients while simultaneously monitoring MIOs investment decisions, the SEC said in a statement. MIO invested hundreds of millions of dollars in companies advised by McKinsey.

Some McKinsey partners who monitored MIO's investment choices also had access to material non-public information as a result of their McKinsey consulting work. They had routine access to confidential information including financial results, planned bankruptcy filings and mergers and acquisitions, the SEC said.

MIO Partners, which did not acknowledge or deny the SEC's findings, agreed to a termination order. censorship in addition to the civil penalty.

A spokesman for the company noted that the SEC did not identify any misuse of the information and said that the company has taken steps to strengthen its policy and procedures in recent years.

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