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Clifford Chance

Clifford Chance


SEC Settles Charges Against BMW AG for Inaccurate Sales Disclosures in Rule 144A Bond Offerings

November 20, 2020

In September 2020, the U.S. Securities and Exchange Commission settled allegations that the German automaker Bayerische Motoren Werke AG and two of its U.S. subsidiaries made inaccurate and misleading disclosures about BMW's retail sales volume in the United States in connection with several Rule 144A bond offerings. As part of the settlement, BMW agreed to pay an $18 million penalty and to cease and desist from future violations of these relevant provisions.

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