Bank of New York Mellon Corp. will pay a $5 million penalty after a US regulator said that it failed to properly report millions of swaps transactions and supervise a unit that deals the derivatives.
The US Commodity Futures Trading Commission on Monday said BNY repeatedly failed to “correctly report millions of swap transactions to a registered swap data repository.” The CFTC also said BNY violated a prior order the regulator had against the firm.
In a statement, BNY said it “takes its regulatory responsibilities seriously and is pleased to have resolved this matter.”
The reduced penalty reflects BNY’s self-reporting, the CFTC said. Last year, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. also settled cases with the CFTC over swaps reporting.
“Accurate reporting is a core pillar of the regulatory regime for swaps, and every individual data field matters,” Ian McGinley, the director of the CFTC’s division of enforcement, said in a statement. “It is essential that swap dealers get this right.”
The SEC says the payouts came from later investors, and the numbers never added up
The SEC says he doubted the tax liens were real - and kept selling them to clients
Erin Piacenti, a vice president at Bank of America, was killed in a random attack in Times Square on Monday.
Minneapolis-based mega-RIA adds a $376 million hybrid RIA from Raymond James as its own $7 billion sale process reportedly plays out in the background.
Atlanta-based RIA taps former LPL executive John Rajes to unify systems as the firm looks to build on its 61-acquisition growth record.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
