The U.S. Securities and Exchange Commission has fined Investment adviser BlackRock Advisors has been ordered to pay $2.5 million in damages, accusing the firm of failing to accurately describe investments in the entertainment industry, which accounted for a large portion of publicly traded funds it managed.
According to SEC filings, between 2015 and 2019, BlackRock Multisector Income Trust (BIT) made a significant investment in a printing and advertising company called Aviron Group, which produces one to two movies per year through loan facilities. movies.
The U.S. Securities and Exchange Commission alleges that BlackRock falsely referred to Aviron as a company that provides “diversified financial services” in BIT’s annual and semi-annual reports made public to investors. The SEC also accused BlackRock of misrepresenting Aviron’s interest rates, claiming they were higher than the actual rates. However, the asset manager discovered the errors in 2019 and corrected information about Aviron’s investments in subsequent years.
Andrew Dean, co-director of the SEC’s Enforcement Division’s Asset Management Division, said investment advisers have a responsibility to provide accurate and material information about the assets of funds they manage, and “BlackRock failed to do that with its Aviron investment.” ”.
BlackRock agreed to pay a $2.5 million penalty over incorrect investment disclosure protocols. Although the investment has nothing to do with the cryptocurrency ecosystem, the world’s largest asset manager is in the spotlight in the cryptocurrency space for its proposed spot Bitcoin (BTC) exchange-traded fund (ETF).
related: Ernst & Young says Bitcoin ETF will trigger huge demand from institutions
On the same day that the SEC filed charges against BlackRock for failed investment speech, its spot Bitcoin exchange-traded fund (ETF) was discovered to be listed on the Depository Trust and Clearing Corporation (DTCC), prompting many to believe that spot Bitcoin Approval is imminent.
Bloomberg ETF senior analyst Eric Balchunas called the DTCC listing “part of the overall process” of bringing crypto ETFs to market. However, within hours of DTCC’s listing, the spot Bitcoin ETF was removed from the platform and reappeared within hours, causing confusion among the crypto community.However, a DTCC spokesperson later comfirmed The iShares Bitcoin ETF has been listed on the platform since August and said the move does not represent any regulatory approval.
Magazine: Blockchain Detective – Mt. Gox Collapse Witnessed the Birth of Chainaanalysis
Svlook
