Compliance & Ethics

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 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.

The Commodity Futures Trading Commission (CFTC) has filed charges against four entities for failing to register as required futures commission merchants (FCMs), while falsely claiming to be regulated by the CFTC.

The Federal Trade Commission has taken enforcement action against Invitation Homes, the country's largest landlord of single-family homes. The FTC alleges that Invitation Homes engaged in a litany of unlawful actions against consumers, including deceiving renters about lease costs, charging undisclosed junk fees, failing to properly inspect homes before move-in, unfairly withholding security deposits, and using unfair eviction practices - even during the COVID-19 pandemic.

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have charged a total of 12 financial firms, including broker-dealers, investment advisers, and a dually-registered firm, for widespread and longstanding failures to maintain and preserve electronic communications as required by federal laws.

The U.S. Department of Justice has filed an antitrust lawsuit against Visa, alleging that the financial services giant is using its size and dominance to stifle competition in the debit card market, costing consumers and businesses billions of dollars.

The CFTC announced four separate orders granting awards totaling approximately $4.5 million to a total of seven whistleblowers yesterday. This marks the most whistleblower awards issued by the CFTC in a single day. The awards recognize the critical contributions of whistleblowers who provided information that led to successful enforcement actions by the CFTC and other authorities. The whistleblowers come from a variety of backgrounds, including victims of fraud, market participants, and employees with compliance responsibilities.