- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-04-11T20:32:00
Earning self-reporting credit from the Commodity Futures Trading Commission (CFTC) is no simple task, the agency’s enforcement director conceded.
Voluntary self-disclosure is only the first step, Ian McGinley reminded an audience of legal experts during a keynote address delivered at an industry event Thursday. From there, a firm must cooperate and remediate as well for the chance to earn full credit from the agency.
“Self-reporting, cooperation, and remediation implicate the importance of trust in these negotiations, which is a two-way street—the regulator’s reliance on the entity to be truthful and fully cooperative and the entity’s reliance on the regulator to account for the self-report in good faith,” he said.
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The Department of Justice launched a new pilot program that encourages voluntary self-disclosure by corporate executives who are themselves involved in financial misconduct, with the incentive of a nonprosecution agreement for those who help an agency investigation.
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.
The Commodity Futures Trading Commission announced a landmark whistleblower award of approximately $1.25 million to an individual in an internal compliance or audit function who came forward with information on misconduct occurring at his or her employer.
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
Robinhood, a disruptive force in the market for Main Street investors but also a serial offender of securities laws, will pay a total of $45 million to settle numerous violations of SEC rules and regulations by two of its broker-dealers.
A broker-dealer subsidiary of Toronto-based BMO Financial Group will pay nearly $41 million in penalties to the Securities and Exchange Commission to settle allegations that its traders issued misleading disclosures on bonds for three years, causing $19 million in harm to its customers.
