The U.S. Commodity Futures Trading Commission (CFTC) announced today that its enforcement program filed 25% more cases in Fiscal Year (FY) 2009, which ended on September 30, 2009, than in the prior fiscal year. During FY 2009, the CFTC’s Division of Enforcement filed 50 enforcement actions involving manipulation, fraud and other unlawful conduct and was awarded more than $280 million in civil monetary penalties, restitution and disgorgement from respondents and defendants in CFTC enforcement actions. Over the past five years, the CFTC has filed a total of 238 enforcement actions and has been
The U.S. Commodity Futures Trading Commission (CFTC) announced today that its enforcement program filed 57 enforcement actions in Fiscal Year (FY) 2010 – 14 percent more than in FY 2009 and 42 percent more than in FY 2008. The Division of Enforcement’s filings involve allegations of manipulation, fraud, abuse and other violations of the Commodity Exchange Act. The Commission was awarded more than $200 million in civil monetary penalties, restitution and disgorgement from respondents and defendants in CFTC enforcement actions. Additionally, the Division of Enforcement opened 419 investigations
CFTC Commissioner Jill Sommers explains her reasons for opposing the CFTC's proposed rule regarding swap execution facilities, noting that the proposed rule requires that an SEF provide market participants "with the ability to post both firm and indicative quotes on a centralized electronic screen accessible to all market participants who have access to the swap execution facility," something that in her view is not mandated by Dodd-Frank and may limit competition by shutting out applicants who wish to offer request for quote services without this functionality. She also reiterates her
Funding boosts for U.S. federal securities and futures regulators working to implement the new Dodd-Frank financial law are now in doubt after a Senate spending measure collapsed late Thursday. The SEC and CFTC were set to get big funding increases to hire hundreds of staff and make technology upgrades. But time is running out on a Senate deal to approve the increases, making it likely that the two agencies' funding will remain frozen at 2010 levels, along with the rest of the federal government, until next year. Date December 17, 2010
The Financial Services Authority ("FSA") has published a revised Remuneration Code ("revised Code") to comply with the remuneration requirements under the Capital Requirements Directive ("CRD3") and guidelines of the Committee of European Banking Supervisors ("CEBS"). Subject to grandfathering for some provisions, the new requirements apply from 1 January 2011. The existing Code is applicable to the largest banks, building societies and broker dealers and requires the application of 'remuneration policies, practices and procedures that are consistent with and promote effective risk management'