On August 26, the CFTC issued an order against a bank for allegedly failing to correctly report millions of swap transactions to a registered swap data repository, in violation of a prior CFTC order, and for failing to properly supervise its swap dealer business. According to the consent order, the CFTC found that from at least 2018 through 2023, the respondent violated multiple sections of the Commodity Exchange Act and CFTC regulations related to swap data reporting, engaged in improper supervision of its swap dealer business, and failed to comply with a 2019 CFTC order.
The respondent self-reported the violations and agreed to engage an outside compliance consultant to review and provide advice regarding its compliance program. The consent order imposed a $5 million civil monetary penalty. The CFTC acknowledged the respondent’s cooperation, which, according to the CFTC, resulted in a reduced civil monetary penalty.
