The five banks that agreed to plead guilty to charges tied toforeign-exchange rigging received the permission they needed fromthe U.S. Securities and Exchange Commission to keep theirbusinesses running unimpeded, a person familiar with the mattersaid.
The waivers were approved in a vote by the five-membercommission in a closed meeting late Tuesday, said the person, whoasked not to be named because the matter isn't public. Bankspleading guilty need waivers from the SEC to continue managingmutual funds and raising capital quickly.
Citigroup Inc., JPMorgan Chase & Co., Barclays Plc and RoyalBank of Scotland Plc agreed to plead guilty to felony charges ofconspiring to manipulate the price of U.S. dollars and euros insettlements with the Justice Department announced in WashingtonWednesday. The main banking unit of UBS Group AG agreed to pleadguilty to a wire-fraud charge related to interest-ratemanipulation.
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