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SEC settles recordkeeping charges with ICBC Financial Services after cyber event

A woman walks past a branch of Image of a woman walking by the Industrial and Commercial Bank of China.
Photo: Jie Zhao/Corbis via Getty Images

Julie DiMauro

3 min read
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The SEC said the attack affected the business’s ability to update its books and records and lose connectivity to its clearing firms and clearing agents.

The SEC has filed settled charges against Industrial and Commercial Bank of China Financial Services LLC for deficient books and records based on what it called “its inadequate preparations for a potential cybersecurity incident.”

The SEC said it decided not to impose civil penalties against ICBC Financial Services because the

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