Seven broker-dealers have reached a $3.65m (€3m) settlement with US regulators over charges that they failed to disclose payments they received for providing research on certain companies.

The seven - Needham & Co. Janney Montgomery Scott; Morgan Keegan; Prudential Equity Group; Adams Harkness; Friedman, Billings, Ramsey and SG Cowen - settled with the US Securities and Exchange Commission without admitting or denying the charges.