- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-02-17T20:14:00
Options Clearing Corp. (OCC) agreed to pay $22 million as part of settlements with the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) addressing charges the company failed to comply with internal rules to manage risks.
The OCC, the world’s largest equity derivatives clearing corporation, didn’t properly create, implement, and enforce its written policies and procedures related to reducing operational risks, the SEC alleged Thursday. The OCC didn’t comply with its agency-approved stress testing and clearing fund methodology rule between October 2019 and May 2021, per the agency’s order.
When the company didn’t modify its comprehensive stress testing system, as required, it didn’t notify the SEC of this failure, the order stated.
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The Securities and Exchange Commission proposed a package of rule changes designed to enhance the risk management responsibilities and resilience of covered clearing agencies.
Mizuho Capital Markets agreed to pay more than $6.8 million to settle charges from the Commodity Futures Trading Commission it failed to adequately disclose its pre-trade activity on certain foreign exchange forward transactions that disadvantaged customers.
Energy broker Coquest, its owners, and trading affiliates agreed to pay a total of nearly $3 million to resolve allegations from the Commodity Futures Trading Commission the firm failed in its oversight responsibilities regarding more than 2,000 trades made against its customers.
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.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
