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November 07, 2006 at 08:37 PM
A financial services industry support company may be close to ironing out its differences with the U.S. Securities and Exchange Commission.
BISYS Group Inc., Roseland, N.J., says the staff of the SEC has agreed to support a BISYS settlement proposal.
BISYS has offered to address the SEC’s concerns about its past recordkeeping practices and internal controls by improving its financial reporting and paying about $25 million in disgorgement and interest.
Before the settlement can take effect, the SEC and a court must approve it, BISYS says.
