- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-08-20T15:26:00
A commissioner on the Commodity Futures Trading Commission (CFTC) criticized the agency’s policy on credit for self-reporting violations as a “bait-and-switch.”
On Monday, Brazil-based Raizen Energia was fined $850,000 by the CFTC and the Intercontinental Exchange Futures U.S. over wash trading allegations. CFTC Commissioner Caroline Pham in an accompanying statement said that the CFTC’s Enforcement Division did not provide recognition or cooperation credit despite the company self-reporting its violations.
“ … By creating an impossible-to-meet standard for receiving cooperation credit, or by being arbitrary in the application of any standard, the CFTC’s policy on self-reporting looks a lot like bait-and-switch,” she said.
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BNY, formerly BNY Mellon, will pay a $5 million fine to the Commodity Futures Trading Commission for “significant reporting failures” related to its swap dealer business.
Brazilian energy and sugar company Raizen Energia SA and its Swiss trading subsidiary will pay $850,000 in fines to settle charges that they engaged in illegal noncompetitive transactions.
Caroline Pham, a commissioner at the Commodity Futures Trading Commission, said compliance officers have a lot to worry about if they or their firms are subject to CFTC enforcement during her fireside chat at CW’s Financial Crimes Summit.
The Consumer Financial Protection Bureau has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.
Banks and other lenders will be prohibited from using medical debt information in credit reports, under a new rule finalized by the Consumer Financial Protection Bureau, the agency said.
New rules on cyber risk management across the EU put execs firmly in the crosshairs for noncompliance and are likely to apply to a wider range of organizations than many business leaders may initially think. However, there are also concerns that the rules may become muddled across the wide bloc. ...
