- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-08-28T17:50:00
BNY, formerly BNY Mellon, will pay a $5 million fine to the Commodity Futures Trading Commission (CFTC) for “significant reporting failures” related to its swap dealer business.
From 2018-23, BNY “repeatedly” failed to properly report the associated persons connected to five million swap transactions to a registered swap dealer repository, according to the CFTC’s order published Monday.
The bank also failed to properly supervise its swap dealer business, as it had no written policies or procedures to monitor the voice communications of associated persons of swap transactions, or to monitor the e-communications of its associated persons communicating in languages other than English, the CFTC said.
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The Commodity Futures Trading Commission fined a Nasdaq subsidiary $22 million over allegedly misleading the public, regulators, and its own compliance staff about the details of a trader incentive program.
Caroline Pham, a commissioner on the Commodity Futures Trading Commission, criticized the agency’s policy on credit for self-reporting violations as a “bait-and-switch.”
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.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
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