Barclays Announces An Update On Over-Issuance Under The Barclays Bank PLC U.S. Shelf; BPLC And BBPLC Will Pay A Combined Penalty Of $200M, Without Admitting Or Denying The SEC's Findings
Barclays Announces An Update On Over-Issuance Under The Barclays Bank PLC U.S. Shelf; BPLC And BBPLC Will Pay A Combined Penalty Of $200M, Without Admitting Or Denying The SEC's Findings
The U.S. Securities and Exchange Commission ("SEC") has announced the resolution of its investigation of Barclays PLC ("BPLC") and Barclays Bank PLC ("BBPLC") relating to the over-issuance of securities by BBPLC under certain of its U.S. shelf registration statements. Pursuant to the terms of the resolution and as reflected in BPLC's and BBPLC's H122 Results Announcements, BPLC and BBPLC will pay a combined penalty of U.S.$200 million, without admitting or denying the SEC's findings. The SEC has confirmed that BBPLC's independent rescission offer to noteholders satisfies its requirements for disgorgement and related prejudgment interest.
美国证券交易委员会(“美国证券交易委员会”)已宣布其对巴克莱公司(“巴克莱”)和巴克莱银行(“巴克莱银行”)的调查结果，涉及巴克莱银行根据其某些美国货架登记声明超额发行证券。根据该决议的条款，并如北京博彩股份有限公司和北京必和必拓H122业绩公告所反映的那样，必和必拓和北京必和必拓将支付合计2亿美元的罚款，但不承认或否认美国证券交易委员会的调查结果。美国证券交易委员会已确认，北京北控向票据持有人发出的独立撤销要约满足其收回及相关预判利益的要求。
Financial impact of the over-issuance
超额发行的财务影响
Further to the announcement on 15 September 2022 concerning the expiration of the rescission offer, Barclays confirms that the net cumulative attributable loss after tax in relation to the over-issuance of securities in the U.S. is expected to remain materially in line with the financial impact disclosed in BPLC's and BBPLC's H122 Results. Further details will be provided as part of BPLC's Q322 Results Announcement to be published on or about 26 October 2022, including the extent to which changes in market prices of affected securities have resulted in a reduction in costs associated with the rescission offer, offset by a corresponding reduction in income associated with hedging arrangements.
继2022年9月15日宣布撤销要约到期后，巴克莱确认，与在美国超额发行证券有关的税后累计净应占亏损预计将与BPLC和BBPLC的H122业绩中披露的财务影响保持实质性一致。进一步的细节将作为BPLC将于2022年10月26日左右发布的Q322业绩公告的一部分提供，包括受影响证券的市场价格变化导致与撤销要约相关的成本减少的程度，被与对冲安排相关的收入相应减少所抵消。
Review led by external counsel
由外部律师领导的审查
The previously announced review of the facts and circumstances relating to the over-issuance and the control environment related to such issuances led by external counsel ("Review") is now complete. The over-issuance occurred because Barclays did not put in place a mechanism to track issuances after BBPLC became subject to a limit on issuance. Among the principal causes of the over-issuance were, first, the failure to identify and escalate to senior executives the consequences of the loss of well-known issuer status and, secondly, a decentralised ownership structure for securities issuances.
先前宣布的关于超额发行的事实和情况的审查，以及由外部律师领导的与此类发行相关的控制环境的审查(“审查”)现已完成。之所以出现超额发行，是因为在BBPLC受到发行限制后，巴克莱没有建立跟踪发行情况的机制。导致超额发行的主要原因包括：第一，未能发现知名发行人地位丧失的后果，并将其上报给高管；第二，证券发行的所有权结构分散。
The Review further concluded that the occurrence of the over-issuance was not the result of a general lack of attention to controls by Barclays, and that Barclays' management has consistently emphasised the importance of maintaining effective controls.
审查报告进一步得出结论，超额发行的发生并不是由于普遍缺乏对巴克莱控制的关注，而巴克莱管理层一直强调保持有效控制的重要性。
The Review's findings will be used to consider individual accountabilities in relation to this matter and may include adjustments to remuneration, including to past variable remuneration, the potential for disciplinary action and performance management as appropriate.
审查结果将用于审议与这一事项有关的个人问责情况，并可能包括薪酬调整，包括调整过去的浮动薪酬、采取纪律行动的可能性和酌情的业绩管理。
Note: The BPLC and BBPLC H122 Results referred to above include further disclosures in relation to the over-issuance of securities.
注意事项：上文提到的BPLC和BBPLC H122结果包括与超额发行证券有关的进一步披露。