This will take some time, but I will hopefully be able to break this all down and what it means.
I. The Securities and Exchange Commission (“Commission”) deems it appropriate that ceaseand-desist proceedings be, and hereby are, instituted pursuant to Section 21C of the Securities Exchange Act of 1934 (“Exchange Act”), against Ensign Peak Advisors, Inc., and The Church of Jesus Christ of Latter-day Saints (“Respondents”).
II. In anticipation of the institution of these proceedings, Respondents have submitted Offers of Settlement (the “Offers”) which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission’s jurisdiction over them and the subject matter of these proceedings, which are admitted, Respondents consent to the entry of this Order Instituting Ceaseand-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order (“Order”), as set forth below.
I'll start tonight. Note in bold above, that this is a negotiated settlement by both parties and will be crucial in remembering this as we go forward. Also in Bold the respondent beyond EP (Ensign Peak) is The Church...i.e. The Prophet and his Counselors and the Preceding Bishop Ric. This is equally important.