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SEC Fines Goldman Sachs $6 Million for Substandard Reporting

According to a statement from the US Securities and Exchange Commission, Goldman Sachs' submitted securities trading information did not provide all necessary trading data. The regulatory agency stated that over the past decade, Goldman Sachs submitted at least 22,000 flawed blue sheets. The SEC found 43 omissions or other errors on the blue sheets. As a result, the submission of a total of 163 million transactions did not meet the legal requirement for proper disclosure. In addition, the US Securities and Exchange Commission accused Goldman Sachs of not having proper internal review processes.

Therefore, it was unable to verify whether it had submitted complete and accurate information. The investment bank did not challenge the SEC's claims. It has agreed to accept censure and a $6 million fine. Some analysts believe that Goldman Sachs' fine may be due to its bold entry into the cryptocurrency market, which has angered regulatory agencies.

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