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A registered futures commission merchant settled CFTC charges for failing to provide sufficient audit trail data, which "substantially delayed" a CFTC Division of Enforcement ("Division")
within Intellectual Property, International Law, Litigation and Mediation & Arbitration topic(s)
A registered futures commission merchant settled CFTC charges for failing to provide
sufficient audit trail data, which "substantially
delayed" a CFTC Division of Enforcement ("Division")
investigation.
According to the CFTC, Merrill Lynch, Pierce, Fenner & Smith
Inc. ("Merrill Lynch") failed to fulfill Division
requests for audit trail data for three years. The CFTC found that
the data provided was also flawed. The CFTC stated that Merrill
Lynch's failure to provide adequate audit trail data was due to
its lack of adequate procedures for responding to routine
regulatory requests. Merrill Lynch was also charged with failure to
supervise.
To settle the CFTC charges, Merrill Lynch agreed to pay a
$300,000 civil monetary penalty, and to "revise its internal
process" to fulfill regulatory data requests.
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