United States: Six financial institutions fined over $6 million for reporting failures
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The U.S. Commodity Futures Trading Commission (Commission) has fined six financial institutions over $6 Million for reporting failures.
The sanctioned financial institutions include HSBC Bank USA, N.A., Société Générale International Limited, Bank of New York Mellon, and The Northern Trust Company.
In addition to reporting failures, the regulator also charged Société Générale International Limited and The Northern Trust Company with failing to supervise in connection with the reporting failures.
In addition to reporting failures, HSBC was also charged with violating swap-dealer risk management regulations, the first time the Commission has brought such an action.