SEC seeks to curb JPMorgan's ability to raise funds for clients: WSJ

[October 28, 2015]  (Reuters) - Federal regulators are looking to curb JPMorgan Chase & Co's ability to raise funds for clients like hedge funds by selling stocks or bonds privately to investors, the Wall Street Journal reported, citing people familiar with the matter.

JPMorgan has already agreed to pay fines totaling $200 million to settle allegations that it steered private-banking clients to its own products without proper disclosures.

But the settlement has been held up for several weeks as the Securities and Exchange Commission also wants the bank to accept limits on its ability to sell stocks or bonds via private placements, the Journal reported. (http://on.wsj.com/1H98atk)

(Reporting by Rachel Chitra in Bengaluru; Editing by Saumyadeb Chakrabarty)
 

[© 2015 Thomson Reuters. All rights reserved.]

Copyright 2015 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.