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Financial Services Law Insights and Observations

CFTC announces a $500,000 fine for swap dealer

Securities CFTC Commodity Exchange Act Swaps Enforcement Of Interest to Non-US Persons

Securities

On October 14, the CFTC announced a $500,000 settlement with a non-U.S. provisionally registered swap dealer to resolve claims that it failed to comply with certain swap dealer recordkeeping requirements. Among other things, the institution allegedly failed to retain certain audio recordings for the time required under CFTC regulations. In addition to the civil monetary penalty, the institution must cease and desist from further violations of the CFTC regulations and must continue its remediation efforts.

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