According to the SEC's and CFTC
's respective orders, Chicago-based OCC failed to establish and enforce policies and procedures involving financial risk management, operational requirements, and information-systems security.
Without admitting or denying the SEC’s and CFTC’s findings, OCC agreed to pay a combined $20 million in penalties ($15 million under the SEC’s order and $5 million under the CFTC’s order) and hire an independent compliance auditor to assess its remediation of the violations and subsequent compliance efforts.0x20 The respective orders detail the charges and undertakings, as well as cooperation and remedial efforts that the SEC and CFTC
considered in accepting OCC’s offer of settlement.
The keynote was published Wednesday by the CFTC
, which regulates commodity, futures, and derivatives markets.
Bailey, who described the CFTC
as "a forward-looking and proactive regulator," said both bodies will seek to help firms in both countries expand into the international arena.
The behind-the-scenes campaign at the CFTC
comes just weeks after financial firms got a more significant reprieve from the U.S.
The problem was that although CFTC
rules specify what data must be
's Whistleblower Program, created by the Dodd-Frank Act of 2010, rewards whistleblowers who provide original information about violations of the Commodity Exchange Act that leads to a successful enforcement action.
"The defendants placed the larger orders with the intent to cancel them before execution," the CFTC
said in a statement.
does allow market participants to engage in a limited amount of swap dealing without registering as a swap dealer.
Batts issued an Order freezing and preserving assets under Defendants' control and prohibiting them from destroying documents or denying CFTC
staff access to their books and records.
seeks unspecified penalties, restitution and an injunction