A Luxembourg-based global agribusiness and a Minnesota-based global agribusiness settled CFTC charges separately (see here and here) for failing to comply with certain reporting obligations. Form 204 requires entities holding or controlling reportable positions for future delivery of certain grains and soybean commodities to file with the CFTC a statement of their cash positions in such commodities.
According to the CFTC, the Luxembourg-based agribusiness failed to file Form 204 reports in a timely manner on 13 occasions.
To settle the CFTC charges, the Luxembourg-based agribusiness agreed to (i) cease and desist from further violating certain CFTC rules and (ii) pay a civil monetary penalty of $175,000.
Separately, the CFTC found that the Minnesota-based agribusiness failed to correctly file Form 204 reports on its corn and soybean meal futures contracts over a period of 37 months.
To settle the charges, the agribusiness agreed to (i) cease and desist from further violating certain CFTC rules and (ii) pay a civil monetary penalty of $500,000. The CFTC noted that the settlement reflects the Minnesota-based agribusiness's "self-reporting, cooperation and remediation" in the form of a lowered civil monetary penalty.
The CFTC simultaneously filed and settled charges against a processor and trader of crude palm oil. The entity held or controlled soybean oil futures positions but failed to comply with CFTC reporting requirements.
A commodity trading company agreed to pay $2 million to settle CFTC charges of (i) holding net futures positions that exceeded speculative position limits, (ii) engaging in wash trading, and (iii) filing inaccurate statements.
The CFTC penalized a company and its affiliated futures commission merchant for inaccurately reporting fixed price cash positions in corn and soybeans.
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