In an amended prospectus for its $850 million initial public offering (IPO) released on Friday, Paris-based investment bank, Lazard revealed that it is facing probes by both the National Association of Securities Dealers and the Securities and Exchange Commission over gifts and gratuities given to an unnamed mutual fund firm.
The parallel investigations, first disclosed in November, are examining whether Lazard gave tickets to the Super Bowl, private jet rides and other items to the mutual fund firm's employees in order to win trading business.
Under NASD rules, expensive gift-giving is prohibited in certain circumstances, whilst the SEC states that mutual funds must disclose any potential conflicts of interest, including payments which might affect decisions.
According to the updated registration filing, the investigations are being conducted on an industrywide basis by the regulatory bodies.
Lazard went on to reveal that the probes are focused on its capital markets operation, but explained that:
"These investigations are in their early stages, and we cannot predict their potential outcomes."
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