01:46 PM EST, 12/20/2024 (MT Newswires) -- (Updates with Wells Fargo's ( WFC ) statement in the fourth and fifth paragraphs.)

Wells Fargo ( WFC ) and LPL Financial ( LPLA ) each agreed to pay $900,000 civil penalty to settle charges for submitting incomplete and inaccurate securities trading data, the US Securities and Exchange Commission said Friday.

The two companies failed to submit complete and accurate securities trading information, known as blue sheet data, for several years, according to the SEC. Both, however, have made efforts to correct and improve their blue sheet reporting systems and controls, it said.

"This matter relates to historical issues with formatting and submission of certain data to regulators that did not impact financial professionals or their clients," LPL told MT Newswires. "This has been an industry-wide challenge, and we are pleased to have resolved the matter."

Wells Fargo ( WFC ) said in an email to MT Newswires that the issue had no impact on any of its clients.

"We're gratified that the settlement acknowledges the company's self-identification and self-reporting, as well as its substantial enhancements and cooperation," Wells Fargo ( WFC ) added.

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