Swap Dealer Settles CFTC Reporting Charges

A swap dealer settled a CFTC enforcement action related to swap data reporting violations.

Before the United States District Court for the Southern District of New York, the CFTC alleged violations of, among other things, CFTC swap dealer reporting rules and an Order entered by the CFTC in connection with a previous data reporting enforcement action against the firm.

To settle the matter, the swap dealer agreed to (i) pay a $9 million civil monetary penalty, (ii) comply with the previous CFTC Order and (iii) appoint a compliance monitor to supervise the swap dealer's data reporting obligations. According to the CFTC, the reduced civil monetary penalty is the result of the swap dealer's cooperation with the CFTC and agreeing to a court-appointed monitor.