Barclays’s $600 Million Blunder Follows Years of U.S. Run-Ins

Barclays Plc’s $600 million structured products blunder has little precedent on Wall Street. But the bank’s past misconduct may have set the stage for the paperwork fail it revealed this week.

A key issue at the heart of the regulatory breach appears to be its loss of the so-called well-known seasoned issuer status in 2017, a right granted by the U.S. Securities and Exchange Commission that allows banks to sells notes in the U.S. with fewer filing requirements.

Since 2007, Barclays had faced the risk of losing this right at least five times in the aftermath of issues from ...