Washington, D.C. – Intergrain S.A. has been slapped with a $175,000 penalty by the U.S. Commodity Futures Trading Commission (CFTC) for repeatedly failing to meet reporting requirements, according to an order issued Monday.
The CFTC found that between December 2017 and July 2019, Intergrain failed to file timely CFTC Form 204 Reports on thirteen separate occasions. These reports are crucial for detailing the company’s positions in specific commodities and verifying compliance with speculative position limits. The company was required to report hedging positions in fixed-price purchase and sale commodities.
Despite being notified by CFTC staff about the delinquent filings, Intergrain continued to miss deadlines. The Form 204 reports are designed to ensure that companies accurately classify their futures positions, specifically distinguishing between hedging and speculative activities, and verifying that claimed hedges correspond to actual cash positions.
The CFTC’s Division of Market Oversight previously issued guidance in 2013—Staff Advisory No. 13-42—emphasizing the importance of accurate and timely Form 204 submissions. The current action underscores the Commission’s commitment to enforcing these regulations, which are vital for maintaining market transparency and preventing manipulation.
As part of the settlement, Intergrain S.A. is required to cease and desist from any further violations of CFTC Regulation 19.01. The case was led by CFTC enforcement staff members Janet Briner, Kelly Beck, Michael Solinsky, and Rick Glaser.
Source: CFTC.gov
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