Washington, D.C. – Canadian Imperial Bank of Commerce (CIBC) will pay $1.25 million and cease and desist from violating commodity trading regulations, the Commodity Futures Trading Commission (CFTC) announced Monday.
The CFTC issued an order simultaneously filing and settling charges against CIBC for repeatedly failing to report swap transactions to a registered swap data repository as legally required. The violations stem from failures to adhere to the Commodity Exchange Act (CEA) and associated CFTC regulations.
According to the order, CIBC was consistently late in reporting crucial data related to its swaps transactions – including real-time updates, primary economic terms, confirmation details, snapshot data, and valuation information – beginning as early as January 2017 and continuing through the present. The bank failed to meet reporting deadlines for millions of required reports across thousands of swaps.
“Timely swaps reporting is a critical component of the swaps reporting regulatory regime, and it is essential to the overall effectiveness of the swaps reporting system,” stated Ian McGinley, Director of the CFTC’s Division of Enforcement. He noted that the reduced penalty reflected CIBC’s “substantial cooperation” during the investigation, including proactively identifying issues and implementing corrective measures.
CIBC admitted to the facts detailed in the CFTC’s order. The bank reportedly retained a consultant, conducted a thorough historical analysis of the reporting failures, and dedicated significant resources to remediation efforts.
The investigation was led by CFTC staff members Katie Rasor, Alejandra de Urioste, David MacGregor, Lenel Hickson, Jr., and Manal M. Sultan.
Source: CFTC.gov
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