The US Securities and Exchange Commission (SEC) has charged and fined six major credit rating agencies, including Moody’s, S&P Global Ratings, and Fitch, for “significant recordkeeping failures.”

The fines, totaling over $49 million, were imposed because the agencies failed to maintain and preserve electronic communications as required by federal securities laws.

Moody’s and S&P Global Ratings each received a $20 million civil penalty, while Fitch Ratings was fined $8 million. The other three agencies—HR Ratings de Mexico, A.M. Best Rating Services, and Demotech—received smaller fines.

The SEC’s action underscores the importance of compliance with recordkeeping provisions. According to the SEC, all six agencies have acknowledged their violations and have begun improving their compliance policies.

Sanjay Wadhwa, the SEC’s deputy director of the Division of Enforcement, emphasized that the penalties reflect the tangible benefits for firms that make significant efforts to comply and cooperate with regulatory investigations.