Washington, D.C. – Brazilian corporation Amaggi Exportação e Importação Ltda. has been slapped with a $175,000 penalty by the Commodity Futures Trading Commission (CFTC) for failing to accurately and promptly report its soybean positions, the agency announced today.
The CFTC order details that Amaggi repeatedly failed to file required CFTC Form 204 reports between January 2018 and January 2021. These reports are crucial for transparency in fixed price soybean trading, detailing quantities of open cash positions being hedged.
According to the order, Amaggi missed reporting deadlines on roughly 13 separate occasions during the specified period. Despite receiving notifications from CFTC staff regarding their obligations, the company continued to fail to submit the necessary documentation. Adding to the violations, eight of the reports eventually filed were found to contain inaccurate information.
The CFTC emphasized that the requirement for accurate reporting was previously highlighted in a 2013 advisory issued by the Division of Market Oversight. Staff Advisory No. 13-42 specifically addresses the obligations of market participants to submit truthful and complete Form 204 reports.
As part of the settlement, Amaggi is required to pay the $175,000 civil monetary penalty and must cease and desist from further violations of CFTC Regulation 19.01, which prohibits the submission of false or misleading reports.
The case was led by CFTC enforcement staff members Ben Sedrish, Kelly Beck, Janet Briner, David A. Terrell, Scott Williamson, and Robert Howell.
Source: CFTC.gov
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