Washington, D.C. – Agrocorp International Pte Ltd., a Singapore-based commodities trading firm, has been ordered to pay a $150,000 penalty for failing to comply with Commodity Futures Trading Commission (CFTC) reporting requirements, the agency announced today.
The CFTC issued an order finding that Agrocorp violated regulations by failing to file CFTC Form 304 Reports, which detail call cotton purchases and sales, on 22 occasions between late 2012 and February 13, 2015. These reports are mandated for companies holding or controlling at least 100 cotton futures positions.
According to the CFTC, Agrocorp did not submit the required weekly reports, which must be filed within two business days of the reporting period. “Call cotton” refers to physical cotton transactions with prices fixed based on future contract values. The CFTC utilizes this data for its weekly Cotton On-Call Reports, a key resource for market analysis.
As part of the settlement, Agrocorp is prohibited from future violations of CFTC Regulation 19.02. The company must also implement and maintain internal controls to ensure compliance with CFTC cotton reporting regulations. This includes designating a responsible individual or team and providing employee training.
The CFTC previously issued an advisory in 2013 reminding all market participants of their obligations to file timely and accurate Form 304 reports. This current action underscores the agency’s commitment to enforcing these requirements, even for companies based outside of the United States.
CFTC staff members Karin N. Roth, Christopher Giglio, Candice Aloisi, Lenel Hickson, Jr., and Manal M. Sultan led the investigation, with assistance from Kelly Beck, Janet Briner, Harold Hild, Matthew Hunter, and Andrew Balzano within the agency.
Source: CFTC.gov
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