Commerzbank To Pay CFTC $12M Over Swap Dealer Claims

Law360 (November 8, 2018, 7:58 PM EST) -- The Commodity Futures Trading Commission issued an order Thursday imposing a $12 million civil penalty against Commerzbank AG for allegedly violating commission regulations and the Commodity Exchange Act by failing to supervise its swap dealer operations and providing misleading reports to the commission.

According to the regulator, Commerzbank has been registered as a swap dealer since 2013 but bank management routinely failed to supervise its swap dealer activities, resulting in thousands of violations of the CEA, and further failed to implement effective processes and controls for swap reporting.

“Even after Commerzbank management became aware of the commission’s investigation of its [swap...

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