Washington, D.C. — The Commodity Futures Trading Commission today issued an order filing and simultaneously settling charges against BNP Paribas (BNPP), a global financial services corporation and swap dealer, for violations of the Commodity Exchange Act (CEA) and Commission regulations relating to swap reporting and daily mark disclosures.
The order requires BNPP to pay a $6 million civil monetary penalty, cease and desist from violating the applicable provisions of the CEA and CFTC regulations, and comply with certain conditions and undertakings, including that BNPP make, within one year, a written report to the Division of Enforcement regarding the swap dealer’s compliance with the CEA and CFTC regulations.
Case Background
According to the order, for more than five years, from 2016 through at least 2021, BNPP failed to correctly report numerous swap transactions to a swap data repository (SDR) as required by the CEA and CFTC regulations. BNPP did not report more than 6,000 swap transactions with U.S. persons, because the counterparties had been incorrectly classified as non-U.S. persons. As a result, BNPP failed to make more than 300,000 reports relating to these transactions. These reports are required by the CEA and CFTC regulations.
The order also finds that BNPP also entered into more than 3 million swap transactions during this period that were incorrectly reported under the CFTC’s rules. From 2016 to 2018, the swap dealer also failed to correctly report thousands...
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