(Provides particulars from CFTC assertion)
By Kanishka Singh
WASHINGTON, Sept 29 (Reuters) – The U.S. Commodity Futures Buying and selling Fee on Friday ordered Goldman Sachs , Financial institution of America and JPMorgan to pay a complete of over $50 million to settle prices of swap reporting failures and different violations, the company stated.
JPMorgan, Financial institution of America, and Goldman Sachs can pay civil financial penalties of $15 million, $8 million, and $30 million respectively, the CFTC stated in an announcement.
Goldman Sachs was penalized for failing to diligently supervise a variety of its swap vendor actions, and “for unprecedented failures concerning swap knowledge reporting,” the fee stated.
The order introduced Friday additionally contains Goldman Sachs taking steps to develop a written remediation plan and retain a advisor to advise on and assess its remediation plan.
JPMorgan was fined for violations associated to swaps reporting, whereas Financial institution of America was penalized over “failing to diligently supervise swaps reporting and failing to adjust to swaps reporting obligations,” the fee added.
The fee stated its order acknowledged “substantial cooperation” from every of the three banks with regulators and added that the cooperation resulted in decreased civil financial penalties. (Reporting by Kanishka Singh in Washington; Modifying by Sonali Paul)
