A non-US-based investment and brokerage firm agreed to settle spoofing allegations by the Commodity Futures Trading Commission by payment of a US $700,000 fine. In accepting this settlement, the CFTC emphasized the...more
1/22/2020
/ Annual Reports ,
CFTC ,
Chief Compliance Officers ,
Cooperation ,
Cryptoassets ,
Dubai ,
Enforcement Actions ,
Enforcement Statistics ,
Financial Conduct Authority (FCA) ,
Market Manipulation ,
National Futures Association ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Spoofing ,
Virtual Currency
The Commodity Futures Trading Commission issued revised guidance for mandatory chief compliance officer annual compliance reports for futures commission merchants and swap dealers. However, the proposed recommendations are...more
12/10/2019
/ Annual Reports ,
Blockchain ,
CFTC ,
Chief Compliance Officers ,
Compliance ,
Cryptocurrency ,
Enforcement Actions ,
Guidance Update ,
Investment Adviser ,
New Guidance ,
Oral Communications ,
Securities and Exchange Commission (SEC) ,
Swap Dealers
Last week, the Commodity Futures Trading Commission publicized a cascade of settlements of enforcement actions alleging breaches of laws and rules related to supervision, spoofing, reporting, and misappropriation of...more
10/8/2019
/ Blockchain ,
Broker-Dealer ,
CFTC ,
Chief Compliance Officers ,
Commodity Exchange Act (CEA) ,
Commodity Futures Contracts ,
Compliance ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Misleading Statements ,
Policies and Procedures ,
Recordkeeping Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
Swap Dealers
A swap dealer was fined US $12 million by the Commodity Futures Trading Commission for a host of purported noncompliance issues. It was also sanctioned for allegedly not disclosing in two annual chief compliance officer...more
The Commodity Futures Trading Commission revised its rule related to the responsibilities of chief compliance officers of futures commission merchants, swap dealers and major swap participants, as well as the obligations of...more
8/28/2018
/ Bitcoin ,
CFTC ,
Chief Compliance Officers ,
Enforcement Actions ,
Exchange-Traded Products ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Regulation SHO ,
Reporting Requirements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Smaller Reporting Companies ,
Virtual Currency
Supplemental CFTC Regulation AT Proposal Generally Criticized as Too Prescriptive:
The Commodity Futures Trading Commission's November 2016 amended proposed rules to address algorithmic trading and users of algorithmic...more
New Acting CFTC Chairman Provides Insight Into Priorities: In a speech before SEFCON VII on January 18, J. Christopher Giancarlo, the new acting chairman of the Commodity Futures Trading Commission, laid out his priorities...more
Registration Based on Quantitative Test Likely to Be Part of Supplemental Regulation AT, Suggests CFTC Chairman -
Timothy Massad, Chairman of the Commodity Futures Trading Commission, indicated last week that he...more
10/24/2016
/ Chief Compliance Officers ,
Deutsche Bank ,
Enforcement Actions ,
Ernst & Young ,
EU Market Abuse Regulation (EU MAR) ,
Money Market Funds ,
Rare Earth Metals ,
Regulation AT ,
Special Master ,
TRACE ,
Unregistered Brokers
Two Related Broker-Dealers To Pay US $17 Million for Widespread AML Compliance Failures; Former AML Compliance Officer Also Sanctioned:
Raymond James & Associates, Inc. (RJA), Raymond James Financial Services, Inc....more
SEC/CORPORATE SEC Releases Registration Fee Estimator
On April 18, the Securities and Exchange Commission announced the release of an online tool that will assist companies in calculating registration fees relating to...more
4/25/2016
/ Business Conduct Standards ,
Canada ,
Chief Compliance Officers ,
Dodd-Frank ,
EDGAR ,
EU ,
High Frequency Trading ,
Major Swap Participants ,
Memorandum of Understanding ,
NCUA ,
Pensions ,
SFTR ,
UK
SEC Adopts Swaps Business Conduct Rules Different From Comparable CFTC Requirements:
Last week the Securities and Exchange Commission adopted final rules imposing business conduct standards on registered security-based...more
4/19/2016
/ CFTC ,
Chief Compliance Officers ,
Enforcement Actions ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Harmonization Rules ,
High Frequency Trading ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swap Dealers ,
UK
Court Chastises SEC for Causing Unwarranted Collapse of Foreign Bank:
A federal judge in New York severely criticized the Securities and Exchange Commission over its handling of a lawsuit against Caledonian Bank Ltd.,...more
Jury Convicts Michael Coscia of Commodities Fraud and Spoofing:
After a seven-day trial in Chicago, Michael Coscia was convicted last week of six counts of commodities fraud and six counts of spoofing in connection with...more
Three Individuals Fined and Banned From Trading on CME Group Exchanges for Market Conduct Violations -
CME Group business conduct committees permanently banned three traders from trading on CME Group exchanges for market...more
10/20/2015
/ Broker-Dealer ,
CFTC ,
Chicago Mercantile Exchange (CME) ,
Chief Compliance Officers ,
Enforcement ,
Enforcement Actions ,
Failure To Disclose ,
Futures ,
NFA ,
Restitution ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
UBS ,
Wash Trades
Et tu, CFE? CBOE Futures Proposes Amended Disruptive Practices Rules and New Related Policies and Procedures:
CBOE Futures Exchange became the latest designated contract market to propose specific rules to ban disruptive...more
7/21/2015
/ Australia ,
CBOE ,
CFTC ,
Chicago Mercantile Exchange (CME) ,
Chief Compliance Officers ,
Cross-Border Transactions ,
Disruptive Trading Practices ,
Dodd-Frank ,
Enforcement Actions ,
Flash Crash ,
Insider Trading ,
Nasdaq ,
Securities and Exchange Commission (SEC) ,
Swaps ,
U.S. Treasury
Investment Adviser Chief Compliance Officer Blamed in SEC Lawsuit for President’s Theft of Client Funds; SEC Commissioner Criticizes Enforcement Actions Against CCOs Generally -
The Securities and Exchange Commission...more
6/23/2015
/ BlackRock ,
CEOs ,
CFTC ,
Chief Compliance Officers ,
Commodities ,
Corporate Officers ,
Enforcement Actions ,
European Securities and Markets Authority (ESMA) ,
Fraud ,
Futures ,
Investment Adviser ,
IOSCO ,
Material Misstatements ,
Misappropriation ,
Securities and Exchange Commission (SEC) ,
Swap Dealers ,
Underwriting
Non-Recognition of US CCPs as Subject to Equivalent Regulation May Require European-Based Funds to Restrict Trading in US Centrally Cleared Derivatives -
An opinion by the European Securities and Markets Authority...more
6/2/2015
/ Banking Sector ,
Broker-Dealer ,
CCPs ,
CFTC ,
Chief Compliance Officers ,
Cybersecurity ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Forex ,
FSOC ,
Investment Funds ,
Price Manipulation ,
Securities ,
Securities Fraud ,
UCITS
FCA Sanctions Bank of Beirut, Former Compliance Officer and Former Internal Auditor for Providing Misleading Information Regarding AML Systems and Controls Remediation -
The Bank of Beirut was fined GBP 2.1 million...more
3/10/2015
/ Banking Sector ,
Banks ,
Capital Markets ,
Chief Compliance Officers ,
Deutsche Bank ,
European Central Bank ,
Eurozone ,
Financial Conduct Authority (FCA) ,
Internal Controls ,
International Banks ,
Sanctions
Senior Fed Officials Encourage Financial Industry Firms to Improve Compliance Culture -
Enhancing culture was the theme at a workshop on “Reforming Culture and Behavior in the Financial Services Industry” held at the...more
10/28/2014
/ ABS ,
Accountants ,
Asset-Backed Securities ,
Banks ,
Broker-Dealer ,
CFTC ,
Chief Compliance Officers ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Culture ,
Credit Suisse ,
Cybersecurity ,
Deferred Compensation ,
Dodd-Frank ,
Enforcement Actions ,
Ethics ,
European Commission ,
Federal Reserve ,
Financial Statements ,
Futures ,
Margin Requirements ,
Merrill Lynch ,
Securities and Exchange Commission (SEC) ,
SIFMA