According to reports in the US media this week, Morgan Stanley may be facing an SEC-imposed fine of more than $10 million over document retention failures.
A final decision on the penalty amount is thought to be several months away, but a significant fine is expected due to the bank's alleged failure to abide by the terms of an earlier document retention agreement.
According to reports, the bank's top brass met with officials from the Securities and Exchange Commission last week to discuss the matter.
Morgan Stanley has called for leniency, arguing that the regulatory transgressions took place under the leadership of former CEO, Philip Purcell, who has since resigned.
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