GRC Report Staff

In the latest move by regulators to clamp down on record-keeping violations, the Commodity Futures Trading Commission (CFTC) has fined CHS Hedging, LLC $650,000 for failing to properly maintain required records and executing unauthorized trades. This penalty follows a growing trend of financial regulators taking swift and severe action against firms for failing to meet compliance obligations in the digital age.

The Public Company Accounting Oversight Board (PCAOB) has taken disciplinary action against five audit firms for various regulatory violations, imposing a total of $165,000 in fines along with censures and remedial undertakings.

Federal Reserve Vice Chair for Supervision Michael S. Barr unveiled a series of proposed regulatory changes aimed at strengthening market resilience and financial stability during his address at the 2024 U.S. Treasury Market Conference. The proposed adjustments primarily focus on enhancing liquidity regulations and integrating Federal Reserve facilities into banks' stress testing and contingency planning processes.

The International Financial Reporting Standards (IFRS) Foundation has unveiled a comprehensive guide to support companies in voluntarily adopting the International Sustainability Standards Board (ISSB) Standards. This initiative, titled "Voluntarily applying ISSB Standards—A guide for preparers," responds to the growing global investor demand for comparable and decision-useful sustainability-related disclosures.

The U.S. Securities and Exchange Commission (SEC) announced that it has levied more than $3.8 million in penalties against 23 entities and individuals for failing to file timely reports about their holdings and transactions in public company stock. The enforcement action also included charges against two public companies for contributing to filing failures by their officers and directors and for not reporting their insiders' filing delinquencies as required.

The Federal Trade Commission (FTC) has announced a major crackdown on companies misusing artificial intelligence (AI) technology to deceive consumers. Dubbed "Operation AI Comply," this initiative includes five law enforcement actions against firms allegedly exploiting AI hype or selling AI tools that enable unfair and deceptive practices.

The Commodity Futures Trading Commission (CFTC) has ordered Canadian Imperial Bank of Commerce (CIBC) to pay a $1.25 million fine for consistently failing to report swap transactions in a timely manner. The regulatory body announced the settlement on September 24, 2024, in Washington, DC.