CFTC Fines Société Générale S.A. $1.5 Million for Supervision Failures

The US Commodity Futures Trading Commission (CFTC) announced that it has filed and settled charges against Société Générale S.A., a provisionally registered swap dealer, for mid-market marks, swap valuation data and supervision failures.

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The official announcement by the CFTC detailed that between 2013 and until approximately July 2021, Société Générale failed to comply with certain swap dealer requirements for disclosing mid-market marks to counterparties and reporting inaccurate swap valuation data to a swaps data repository (SDR).

The order also finds that Société Générale failed to maintain an adequate supervisory system and failed to perform its supervisory obligations diligently with respect to mid-market mark disclosures.

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CFTC imposed a $1,500,000 civil monetary penalty and issued a cease and desist order while asking Societe Generale to meet the compliance requirements on time.

“This is another in a series of cases the CFTC has brought highlighting the need for swap dealer registrants to have an adequate supervisory system and controls in place,” said Acting Director of Enforcement Vincent McGonagle. “Swap dealer registrants must ensure that they make complete and accurate disclosures to counterparties and accurately report swap valuation data to SDRs, and must also diligently perform their supervisory duties”.