SEC Issues Administrative Ruling on The Phoenix Companies, Inc. and PHL Variable Insurance Company
Targeted News Service |
In the Matter of
ORDER AMENDING ORDER INSTITUTING CEASE-AND-DESIST PROCEEDINGS PURSUANT TO SECTION 21C OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING A CEASE-AND-DESIST ORDER AND REVISED UNDERTAKINGS
I.
On
The
The
II.
III.
On the basis of this Amended Order and Respondents' Amended Offer, the Commission finds 1 that: Respondents
1.
2.
3.
4. On
5. On
6. As a result of the conduct described above,
7. By no later than
8. By no later than
9. By no later than
10. By no later than
11. By no later than
12. By no later than
13. By no later than
14. By no later than
15. By no later than
16. By no later than
17. By no later than
18. By no later than
19. By no later than
20. By no later than
Additional Payments
21. In lieu of the Commission seeking money penalties pursuant to Section 21(d)(3) of the Exchange Act for violations of this Amended Order, Respondent Phoenix agrees that if it fails to meet any deadline in paragraphs 7 through 13 above, it will make additional payments (the "Phoenix Additional Payments") for each week in which a filing is delinquent. The amount shall be
2 Respondent Phoenix shall, within 30 days of being current in its
(1) Respondent may make direct payment from a bank account via Pay.gov through the
Accounts Receivable Branch
HQ Bldg.,
Payments by check or money order must be accompanied by a cover letter identifying
PHL Variable
22. In lieu of the Commission seeking money penalties pursuant to Section 21(d)(3) of the Exchange Act for violations of this Amended Order, Respondent PHL Variable agrees that if it fails to meet any deadline in paragraphs 14 through 20 above, it will make additional payments (the "PHL Variable Additional Payments") for each week in which a filing is delinquent. The amount shall be
(1) Respondent may make direct payment from a bank account via Pay.gov through the
Accounts Receivable Branch
HQ Bldg.,
Payments by check or money order must be accompanied by a cover letter identifying PHL Variable as a Respondent in these proceedings, and the file number of these proceedings; a copy of the cover letter and check or money order must be sent to
23. The Phoenix Additional Payments and the PHL Variable Additional Payments shall not exceed
24. In determining whether to accept the Amended Offer, the Commission has considered Respondents' offer to pay these payments.
IV.
In view of the foregoing, the Commission deems it appropriate to impose the sanctions agreed to in Respondents' Amended Offer.
Accordingly, it is hereby ORDERED that:
A. Respondent
B. Respondent PHL Variable shall comply with the undertakings in Section III paragraphs 14 through 20 above; provided, however, that solely for t he purpose of complying with those undertakings, PHL Variable shall not be deemed to have violated Section 15(d) of the Exchange Act and Rules 15d-1 and 15d-13 thereunder.
C. Respondent
(1) Respondent may make direct payment from a bank account via Pay.gov through the
Accounts Receivable Branch
HQ Bldg.,
Payments by check or money order must be accompanied by a cover letter identifying
D. Respondent PHL Variable shall, within 30 days of the entry of this Amended Order, pay a civil money penalty in the amount of
(1) Respondent may make direct payment from a bank account via Pay.go v through the
(2) Respondent may pay by certified check, bank cashier's check, or
Accounts Receivable Branch
HQ Bldg.,
Payments by check or money order must be accompanied by a cover letter identifying PHL Variable as a Respondent in these proceedings, and the file number of these proceedings; a copy of the cover letter and check or money order must be sent to
E. Except as amended by this Amended Order, the
By the Commission.
Assistant Secretary
TNS 30TagarumaMar-140802-4818893 30TagarumaMar
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