(Bloomberg) -- Barclays Plc will pay a $4 million penalty after a US regulator said the bank failed to correctly report or missed the deadline to disclose millions of swap transactions.
From 2018 through last year, London-based Barclays incorrectly reported primary economic terms, misreported time stamps and committed other reporting failures that violated the Commodity Exchange Act and Commodity Futures Trading Commission regulations, the CFTC said in a statement Tuesday.
Barclays, which admitted to the regulator’s allegations, declined to comment.
“This resolution, which also includes admissions, reflects the division’s ongoing commitment to ensure the costs of violating the law outweigh the costs of compliance,” Ian McGinley, the CFTC’s director of enforcement, said in the statement.
Barclays flagged reporting issues to the agency during the investigation and voluntarily engaged third-party vendors to fix the firm’s swap-reporting processes. Its cooperation and remediation efforts reduced the firm’s penalty, the agency said.
Commissioner Caroline Pham said in a separate statement that the CFTC has been “disproportionately punitive” in its enforcement of registration compliance, and that she’s pleased the agency gave credit to the bank for self-reporting and cooperating with the regulator.
In August, the market watchdog imposed a $5 million penalty on Bank of New York Mellon Corp. over swap-reporting lapses. Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. settled similar cases with the CFTC a year ago.
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