BusinessCompany NewsGoldman Sach warns on SEC legislation

Goldman Sach warns on SEC legislation

US bank Goldman Sachs has flown in the face of the opinion of its other main Wall Street rivals by urging the Securities and Exchange Commission to change proposals that require researchers at all investment banks to certify the accuracy of their reports on public companies.

Goldman said that the rule, which was brought in to ensure that researchers are not influenced by the needs of their employers to attract investment banking business, was unfair as researchers’ reports are often amended by their supervisors.

In a letter sent to the SEC, the bank also raised concerns over the legislation due to the ‘fact that the firm may legitimately influence the views of the analyst in a report’.

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