A JPMorgan Chase subsidiary will pay $18m to the Securities and Exchange Commission to settle charges it violated whistleblower protections rules, one of the largest fines to date by the regulator under the rule.

The SEC alleged on 16 January that JPMorgan Securities prevented hundreds of advisory clients and brokerage customers who had disputes or concerns with the firm from reporting potential violations of securities law to regulators by asking them to sign confidential release agreements that contained language that prohibited such reporting.