Washington, D.C. – Intergrain S.A. has been penalized by the U.S. Commodity Futures Trading Commission (CFTC) for failing to adhere to reporting requirements, according to a statement released September 30, 2019. The CFTC issued an order simultaneously filing and settling charges against the company for repeatedly submitting overdue CFTC Form 204 Reports.
The order mandates that Intergrain pay a $175,000 civil monetary penalty and cease any further violations of CFTC Regulation 19.01. The investigation revealed that between December 2017 and July 2019, Intergrain held reportable positions in commodities requiring Form 204 Reports, which detail cash positions used for hedging. However, the company failed to file these reports on thirteen separate occasions, even after being alerted to the delinquent filings by CFTC staff.
The CFTC’s Division of Market Oversight previously issued guidance in 2013—through Staff Advisory No. 13-42—emphasizing the importance of accurate Form 204 Reports. These reports are critical for ensuring compliance with speculative position limits by verifying that reported futures positions are legitimately classified as hedging positions backed by actual ownership or control of the underlying commodity.
The case was led by CFTC staff members Janet Briner, Kelly Beck, Michael Solinsky, and Rick Glaser of the Division of Enforcement. The CFTC continues to prioritize accurate and timely reporting to maintain the integrity of commodity markets.
Source: CFTC.gov
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