BNY, Citigroup, Santander, UBS, and two other financial institutions paid a total of $8.3 million to settle separate compliance violations with the Commodity Futures Trading Commission (CFTC), which was eager to quickly clear the cases so it could move on to more serious fraud investigations, Acting CFTC Chairman Caroline Pham announced.
Under the CFTC’s “enforcement sprint,” which Pham announced in March, eligible firms were able to propose their own remediation plans and reasonable settlement offers for violations of CFTC record-keeping, off-channel communications, and reporting rules.
