(Reuters) – Canadian Imperial Bank of Commerce will have to pay a penalty of $1.25 million to the Commodity Futures Trading Commission for failing to report swap transactions in a timely manner on multiple occasions, the agency said on Tuesday.
The commission found the bank was late to report various types of data for its swap transactions from at least January 2017 to the present.
“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,” said Ian McGinley, Director of the Division of Enforcement at CFTC.
“We respect the decisions of the SEC and CFTC on these matters. Throughout this process, CIBC offered its full cooperation to both regulators and took immediate steps to implement remedies internally,” a spokesperson for the bank said in an emailed statement to Reuters.
CFTC, in a separate statement earlier in the day, ordered CIBC to pay $30 million for recordkeeping and supervision failures.
(Reporting by Pritam Biswas in Bengaluru; Additional Reporting by Nivedita Balu in Toronto; Editing by Krishna Chandra Eluri)