Washington, D.C. – Canadian Imperial Bank of Commerce (CIBC) has been slapped with a $1.25 million penalty by the Commodity Futures Trading Commission (CFTC) for repeated failures to accurately and promptly report swap transactions, officials announced today, September 24, 2024.
The CFTC issued an order simultaneously filing and settling charges against CIBC, alleging violations of the Commodity Exchange Act (CEA) and associated CFTC regulations. CIBC has admitted to the facts detailed in the order, according to the agency.
The investigation revealed that from at least January 2017 through the present, CIBC consistently submitted swap data outside of mandated timeframes. This included delays in reporting real-time data, primary economic terms, confirmations, snapshots, and valuation information—affecting millions of reports and thousands of swaps. The failures involved various data types critical for regulatory oversight of the swaps market.
“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 reflects CIBC’s “substantial cooperation” with the investigation, including proactive reporting of findings and significant investment in remediation efforts.
CIBC engaged a consultant, conducted a thorough analysis of historical data, and dedicated considerable resources to correct the reporting deficiencies, according to the CFTC. As part of the settlement, CIBC is ordered to cease and desist from further violations of the CEA and CFTC regulations.
The case 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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