Goldman Sachs have received a $22 million fine from regulators over the investment banks failure to properly monitor trading and analyst communications regarding key conversations prior to changes to published research.

The fine also included penalties for failing to implement higher order controls for business strategies and high risk trading.

Brad Bennett, executive of industry regulator FINRA, said that Goldman Sachs "did not have an adequate system in place to monitor client trading in advance of changes in its published research".