CFTC orders BNY Mellon to Pay $5M for swap reporting and supervision failures

The Commodity Futures Trading Commission issued an order simultaneously filing and settling charges with The Bank of New York Mellon for repeatedly failing to correctly report millions of swap transactions to a registered swap data repository, in violation of a prior CFTC order against BNYM, and for failing to properly supervise its swap dealer business as required by the Commodity Exchange Act and CFTC regulations. The order imposes a $5M civil monetary penalty and incorporates BNYM’s decision to retain an independent compliance consultant to review and provide advice regarding its compliance program.