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Banks to get SEC waivers following forex guilty pleas -sources

Reuters - UK Focus

NEW YORK/LONDON, May 20 (Reuters) - Citigroup Inc (NYSE: C - news) and JPMorgan Morgan Chase & Co are receiving regulatory waivers to allow them to continue to quickly issue new securities and continue doing business with mutual funds and exchange-traded funds, according to two people familiar with the matter.

The U.S. Securities and Exchanges Commission is expected to publicly confirm the waivers will be in place once the banks formally enter criminal guilt pleas to manipulating foreign exchange rates, possibly near the end of the business day on Wednesday, the sources said.

Barclays Plc (LSE: BARC.L - news) , another bank that agreed to plead guilty on Wednesday to U.S. criminal charges, has also been granted SEC (Shanghai: 603988.SS - news) waivers that will allow the bank to continue most of its business activities, another source said.

An SEC representative did not have immediate comment. (Reporting by David Henry in New York and Steve Slater in London; Editing by Soyoung Kim and Jeffrey Benkoe)