Exhibit 425

Church Issues Statement on SEC Settlement

Exhibit 425 · Institution statement

Church Issues Statement on SEC Settlement

We affirm our commitment to comply with the law, regret mistakes made, and now consider this matter closed.

The Church's response to the SEC order. Says Ensign Peak "received and relied upon legal counsel," that the SEC first expressed concern in June 2019, that Ensign Peak then filed a single aggregated report, and that the Church's senior leadership "never prepared or filed the specific reports at issue."

Source: The Church of Jesus Christ of Latter-day Saints
Date: 21 February 2023
Quoted from: Statement, final paragraph
Grade: Primary record
Document: https://newsroom.churchofjesuschrist.org/article/church-issues-statement-on-sec-settlement
Accessed: 2026-11-09
Cited by: Findings citing this exhibit

Cited by

Finding REL-4.5: Primary record On 21 February 2023 the SEC ordered Ensign Peak Advisors to pay $4,000,000 and the Church $1,000,000 and ordered both to cease and desist, in a settlement in which neither admitted nor denied the findings. The Church's statement of the same day says Ensign Peak "received and relied upon legal counsel" and that "We affirm our commitment to comply with the law, regret mistakes made, and now consider this matter closed"; its statement of 17 December 2019 says "The Church complies with all applicable law governing our donations, investments, taxes, and reserves."
Finding REL-4.6: Reported Religion Unplugged reported on 30 March 2021 that a former Ensign Peak employee prepared a 74-page complaint to send to the IRS whistleblower program, and that an IRS spokesman in Utah could not confirm any investigation. No public IRS outcome has been found. By the Church's own account the SEC first expressed concern about Ensign Peak's reporting in June 2019.