Compliance & Ethics

In the latest move by regulators to clamp down on record-keeping violations, the Commodity Futures Trading Commission (CFTC) has fined CHS Hedging, LLC $650,000 for failing to properly maintain required records and executing unauthorized trades. This penalty follows a growing trend of financial regulators taking swift and severe action against firms for failing to meet compliance obligations in the digital age.

The Public Company Accounting Oversight Board (PCAOB) has taken disciplinary action against five audit firms for various regulatory violations, imposing a total of $165,000 in fines along with censures and remedial undertakings.

Federal Reserve Vice Chair for Supervision Michael S. Barr unveiled a series of proposed regulatory changes aimed at strengthening market resilience and financial stability during his address at the 2024 U.S. Treasury Market Conference. The proposed adjustments primarily focus on enhancing liquidity regulations and integrating Federal Reserve facilities into banks' stress testing and contingency planning processes.

The U.S. Securities and Exchange Commission (SEC) announced that it has levied more than $3.8 million in penalties against 23 entities and individuals for failing to file timely reports about their holdings and transactions in public company stock. The enforcement action also included charges against two public companies for contributing to filing failures by their officers and directors and for not reporting their insiders' filing delinquencies as required.

The Commodity Futures Trading Commission (CFTC) has ordered Canadian Imperial Bank of Commerce (CIBC) to pay a $1.25 million fine for consistently failing to report swap transactions in a timely manner. The regulatory body announced the settlement on September 24, 2024, in Washington, DC.

The Commodity Futures Trading Commission (CFTC) has filed charges against four entities for failing to register as required futures commission merchants (FCMs), while falsely claiming to be regulated by the CFTC.

The Federal Trade Commission has taken enforcement action against Invitation Homes, the country's largest landlord of single-family homes. The FTC alleges that Invitation Homes engaged in a litany of unlawful actions against consumers, including deceiving renters about lease costs, charging undisclosed junk fees, failing to properly inspect homes before move-in, unfairly withholding security deposits, and using unfair eviction practices - even during the COVID-19 pandemic.