FCA To Pay Penalty For Violation Of Reporting Provisions Of Federal Securities Laws

(RTTNews) - The SEC said Fiat Chrysler Automobiles N.V. has agreed to settle charges that it made misleading disclosures about an internal audit of its emissions control systems. FCA has agreed to pay a $9.5 million civil penalty.

The SEC's order found that FCA violated the reporting provisions of the federal securities laws. In February 2016, FCA represented in both a press release and an annual report that it conducted an internal audit which confirmed that FCA's vehicles complied with environmental regulations concerning emissions. The SEC found that FCA's statements did not sufficiently disclose the limited scope of its internal audit.