CFTC dings U.S. Bank, Oppenheimer over off-channel comms violations
By 
Kyle Brasseur2024-03-19T16:19:00
The Commodity Futures Trading Commission (CFTC) announced settlements with U.S. Bank and Oppenheimer & Co. for admitted recordkeeping and supervision failures regarding employee use of off-channel communications for conducting business.
U.S. Bank agreed to pay a $6 million penalty, while Oppenheimer was fined $1 million.
Both firms’ violations dated back to 2019 and included instances of noncompliance among senior leaders and supervisory personnel responsible for ensuring compliance, the CFTC said in its press release Tuesday. These occurred despite the firms having in place policies and procedures to prevent business-related communications through unapproved means.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
PremiumSEC official breaks down agency calculus for off-channel comms penalties
Sanjay Wadwha, deputy director of the SEC’s Enforcement Division, discussed the agency’s rationale for issuing widely disparate penalties for off-channel communications recordkeeping violations, as well as violations of its amended marketing rule.
-
News BriefSenvest latest rapped by SEC over off-channel comms
Registered investment adviser Senvest Management agreed to pay $6.5 million as part of a settlement with the Securities and Exchange Commission addressing admitted off-channel communications violations and separate code of ethics failures.
-
News BriefCFTC lauds Australian swap dealer’s cooperation in $500K enforcement
The Commodity Futures Trading Commission ordered an Australian swap dealer to pay $500,000 over admitted supervision failures related to a deficient spoofing surveillance tool.
More from Regulatory Enforcement
-
News BriefFRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
-
News BriefDOJ fines MORSE Corp $4.6M for lax cyber controls amid crack down on federal contractors
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
-
News BriefEU regulator questions 'culture of compliance' with Digital Markets Act at Apple, Google
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.