SEC, CFTC Charge CIBC With Record-Keeping Penalties

(RTTNews) - Canadian Imperial Bank of Commerce (CM) was charged with penalties by the Securities and Exchange Commission, and the Commodity Futures Trading Commission for failing in record-keeping.

The CFTC imposed a $30 million civil monetary penalty "for failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements and failing to diligently supervise matters related to its business as a CFTC registrant."

Meanwhile, the SEC announced that the CIBC World Markets Corp., along with CIBC Private Wealth Advisors, Inc., has agreed to pay a $12 million penalty.

Notably, CIBC and several other firms were slammed with a combined penalty of around $88.2 million by the SEC for failing to maintain and preserve electronic communications. The regulator ordered each of the firms to cease and desist from future violations of the relevant record-keeping provisions.

Currently, Canadian Imperial Bank of Commerce's stock is trading at $61.72, up 0.37 percent on the New York Stock Exchange.