The US Securities and Exchange Commission has charged PIMCO for violating disclosure, policies and procedures rules for two funds the company advises.
PIMCO has settled the two violations and agreed to pay $9m, the SEC said.
The US regulator found that between September 2014 and August 2016, PIMCO failed to disclose material information to investors regarding interest rate swaps and the material impact of the swaps on the PIMCO Global StocksPLUS and Income fund's dividend.
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Additionally, PIMCO failed to waive about $27m of advisory fees between April 2011 and November 2017, which was required under the agreement with the PIMCO All Asset All Authority fund.
The SEC added the company did not have "adequate written policies and procedures concerning its oversight of advisory fee calculations and related fee waivers" until at least 2018.
PIMCO has refunded the $27m to investors, including interest and a performance adjustment, the SEC noted.
"These cases highlight our continued focus on ensuring that firms adequately disclose material information and implement reasonably designed policies and procedures," said Corey Schuster, co-chief of the SEC enforcement division's asset management unit.
"PIMCO failed to comply with both of these critical obligations," he said.
A spokesperson for PIMCO told Investment Week: "We are pleased to resolve these matters relating to issues which occurred in two funds more than five years ago, and which PIMCO had fully addressed prior to the SEC's investigations."
