News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-10-02T17:53:00
Three of the largest U.S. financial institutions agreed to pay penalties totaling $53 million across settlements with the Commodity Futures Trading Commission (CFTC) addressing alleged swap reporting failures among their respective affiliates.
Goldman Sachs was fined $30 million, while JPMorgan Chase and Bank of America were assessed penalties of $15 million and $8 million, respectively. The CFTC announced the settlements in a press release Friday, in which Ian McGinley, director of the agency’s Enforcement Division, said it is “well past time for swap dealers to ensure they are in full compliance” with CFTC regulations.
At Goldman Sachs & Co., some deficiencies uncovered by the CFTC were found to have persisted over the course of the last decade. The agency’s investigation revealed supervisory weaknesses in areas including swap data reporting, pre-trade mid-market mark (PTMMM) disclosures, personnel reporting lines, clearing member risk management policies, notices regarding initial margin model and segregation, and disclosure of static material economic terms, per the CFTC’s order.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
2023-11-29T20:19:00Z By Aaron Nicodemus
Bank of America will pay a $12 million penalty for allegedly reporting false mortgage lending data to the federal government, under a settlement reached with the Consumer Financial Protection Bureau.
2023-10-30T14:26:00Z By Kyle Brasseur
The Commodity Futures Trading Commission and France’s Autorité des marchés financiers signed a new agreement to continue collaboration regarding the supervision and oversight of firms that operate on a cross-border basis in the United States and France.
2023-10-19T11:33:00Z By Aaron Nicodemus
The Commodity Futures Trading Commission will consider increasing its enforcement penalties in certain cases to deter future violations of commodities law and punish repeat offenders.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
Site powered by Webvision Cloud