- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-05-24T15:59:00
A subsidiary of JPMorgan Chase will pay an additional $100 million to the Commodity Futures Trading Commission (CFTC) to settle charges it failed to adequately monitor and supervise its trading system.
The CFTC announced a $200 million fine Thursday against JPMorgan Securities for trade surveillance gaps created during the onboarding of a new system in 2021. The CFTC’s fine will be offset by $100 million, money the bank will pay to the Treasury Department’s Office of the Comptroller of the Currency and the Federal Reserve Board as part of a $348 million settlement announced in March for related trade surveillance failures.
JPMorgan previously disclosed it would pay a $100 million fine to a third regulator, now revealed as the CFTC, for the trade surveillance lapses.
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Two affiliates of JPMorgan Chase have agreed to pay $151 million to settle five separate enforcement actions for making misleading disclosures, breaching fiduciary duties, and other failures related to investors.
The Financial Industry Regulatory Authority fined JPMorgan Securities $190,000 for unregistered investment banking activities and not having a supervisory system reasonably designed to achieve compliance with FINRA registration requirements.
JPMorgan Chase said it expects to pay an additional $100 million to an unnamed regulator to settle alleged trade surveillance failures that have already warranted more than $348 million in penalties by two other agencies.
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
French defense and aviation contractor Thales Group is under investigation by authorities in the U.K. and France for allegedly participating in bribery and corruption.
Hedge fund manager Scott Bessent, named by Donald Trump on Friday as his nominee for Treasury Secretary, has a clear mandate to deregulate the financial markets should he take the helm.
