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United States CFTC Fines Canadian Imperial Bank of Commerce (CIBC) $30 Million for Using Unauthorised Communications & Failure to Preserve Electronic Records, $1.25 Million Fine for Failure to Timely Report Swap Transactions
27th September 2024 | Hong Kong
The United States Commodity Futures Trading Commission (CFTC) has fined Canadian Imperial Bank of Commerce (CIBC) $30 million for using unauthorised communications & failure to preserve electronic records, and $1.25 million fine for failure to timely report swap transactions. CFTC (24/9/24): “The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges with Canadian Imperial Bank of Commerce (CIBC), a swap dealer, for failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements and failing to diligently supervise matters related to its business as a CFTC registrant. The order imposes a $30 million civil monetary penalty; orders CIBC to cease and desist from further violations of recordkeeping and supervision requirements; and orders CIBC to engage in specific remedial undertakings. CIBC also admits the facts detailed in the order. Case Background – The order finds that from at least Sept. 2018 to the present, CIBC failed to stop employees, including those at senior levels, from communicating using unapproved communication methods, including messages sent via personal text. CIBC was required to keep certain of these written communications because they related to the firm’s CFTC-registered business. These written communications generally were not maintained and preserved by CIBC, and CIBC generally would not have been able to provide them promptly to the CFTC if and when requested. The order further finds the use of unapproved communication methods violated CIBC’s internal policies and procedures, which generally prohibited such communications. Further, some of the same supervisory personnel responsible for ensuring compliance with CIBC’s policies and procedures also used non-approved methods of communication to engage in business-related communications, in violation of firm policy. The order recognizes CIBC’s cooperation with the Division of Enforcement’s investigation.” CFTC (24/9/24): “The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges with Canadian Imperial Bank of Commerce (CIBC) for repeatedly failing to timely report swap transactions to a registered swap data repository as required by the Commodity Exchange Act (CEA) and CFTC Regulations. The order imposes a $1.25 million civil monetary penalty and orders CIBC to cease and desist from violating the CEA and CFTC regulations as charged. CIBC also admits the facts detailed in the order. Case Background – The order finds that from at least Jan. 2017 to the present, CIBC was late in reporting various types of data for its swaps transactions, including real time, primary economic terms, confirmation, snapshot and valuation data. CIBC consistently reported swap data outside the time requirements prescribed by Parts 43 and 45 of the regulations regarding millions of required reports. The untimeliness of CIBC’s swaps reporting was pervasive over the course of the relevant period and impacted thousands of swaps. The reduced civil monetary penalty in the order recognizes CIBC’s substantial cooperation with the Division of Enforcement’s investigation and acknowledges CIBC’s representations regarding its remediation efforts, including retaining a consultant, conducting extensive historical analysis and devoting significant resources to remediation.”
“ United States CFTC Fines Canadian Imperial Bank of Commerce (CIBC) $30 Million for Using Unauthorised Communications & Failure to Preserve Electronic Records, $1.25 Million Fine for Failure to Timely Report Swap Transactions “
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United States CFTC Fines Canadian Imperial Bank of Commerce (CIBC) $30 Million for Using Unauthorised Communications & Failure to Preserve Electronic Records, $1.25 Million Fine for Failure to Timely Report Swap Transactions
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