All Commodity Futures Trading Commission articles – Page 3
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ArticleRegulators catching up on use of analytics; compliance better take notice
If your company isn’t making optimal use of data to enhance its compliance program, now is the time to start—before it’s too late.
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CFTC Chairman Tarbert to step down early next year
Heath Tarbert, chairman and chief executive of the Commodity Futures Trading Commission, will step down from his post early next year while remaining on as one of the agency’s commissioners.
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Energy trader Vitol to pay $164M in FCPA case
The U.S. affiliate of global energy and commodity trading company Vitol will pay approximately $164 million to settle charges of bribery, corruption, and manipulative and deceptive conduct levied by multiple regulators, including historic involvement by the CFTC.
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CFTC guidance details path to reduced enforcement penalties
The CFTC issued guidance that spells out how companies that self-report violations, cooperate with investigators, and remediate their issues can qualify for a “substantially reduced penalty” on any subsequent enforcement action.
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Embattled BitMEX hires chief compliance officer
On the heels of a CFTC enforcement action, cryptocurrency exchange platform BitMEX announced the appointment of Malcolm Wright as chief compliance officer of its operating company 100x Group.
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U.S. agencies get nod for using data, smart incentives in enforcement
Both the CFTC and CFPB “Nailed It” this week while corporate heavyweight General Electric found itself in more trouble.
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CFTC announces record enforcement year—and departure of enforcement head
On the same day the CFTC celebrated a record-breaking 113 enforcement actions in fiscal year 2020, the agency also announced the impending departure of Enforcement Director James McDonald.
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Compliance failures at JPMorgan highlighted in record $920M spoofing fine
JPMorgan Chase agreed to pay more than $920 million as part of an agreement with three federal agencies to settle allegations that the firm’s traders manipulated the precious metals markets with false trades.
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Citibank affiliates fined $4.5M for deleting subpoenaed audio files
Three Citibank affiliates have been collectively ordered to pay $4.5 million to settle CFTC charges regarding supervision failures that led to the deletion of subpoenaed audio files.
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A step toward managing climate risk in U.S. financial system
A nearly 200-page report on managing climate risk in the U.S. financial system is comprehensively assembled by a group spearheaded by CFTC Commissioner Rostin Behnam, but the real work comes in its implementation.
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CFTC issues own guidance on evaluating compliance programs
Like the Department of Justice before it, the Commodity Futures Trading Commission has issued guidance to companies on how it will evaluate compliance programs in connection with enforcement matters.
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Scotiabank to pay $127.4M for commodities scheme, compliance failures
The Bank of Nova Scotia will pay $127.4 million in total penalties in resolutions with the Justice Department and the CFTC for its role in a massive price-manipulation scheme in the precious metals futures contracts markets.
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CFTC awards $9M to whistleblower
The Commodity Futures Trading Commission awarded $9 million to a whistleblower whose “specific, credible, and timely tip’ led to a successful enforcement action. The payout is one of the five largest awarded by the regulator since 2014.
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CFTC finalizes new swap dealer rules under Dodd-Frank
In a pair of split votes that fell along party lines, the Commodity Futures Trading Commission approved rules on swap dealers that complete rulemaking ordered by the Dodd-Frank Act, enacted a decade ago.
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Supreme Court won’t hear challenge to CFTC authority
A lawsuit questioning the enforcement authority of the Commodity Futures Trading Commission has petered out after being denied the chance to be heard at the U.S. Supreme Court.
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Deutsche to pay $10.3M for swap data reporting, spoofing practices
Deutsche Bank will pay a total of $10.3 million to resolve two separate CFTC settlements: one for alleged violations of various swap data reporting and other regulatory violations and the other for spoofing practices by two of its traders.
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Why a principles-based regulatory approach works for CFTC
CFTC Chairman Heath Tarbert seeks to let the evolving commodities market breathe with a “principles-based” regulatory approach.
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CFTC awards more than $6M to whistleblower
The Commodity Futures Trading Commission announced a whistleblower award of more than $6 million to a tipster who voluntarily provided original information that led the CFTC to bring a successful enforcement action.
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CFTC stresses clarity in revised civil monetary penalty guidance
The CFTC’s Division of Enforcement issued new civil monetary penalty guidance for the first time since publishing its penalty guidelines in 1994. The update is in line with recent efforts by the DOJ to crack down on commodities fraud.
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Compliance personnel face risks and rewards as SEC whistleblowers
These best practices will guide compliance practitioners turned whistleblower through the process of reporting wrongdoing while protecting themselves from harm.
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