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期货和衍生品行业监管动态




                   violations, as charged. In the order, the CFTC recognizes that LYFE’s civil monetary

                   penalty  in  this  matter  was  substantially  reduced  in  light  of  LYFE’s  substantial

                   cooperation.


                        “ This  case  underscores  our  relentless  efforts  in  holding  firms—wherever

                   located—accountable for entering our markets without authorization, and for stumbling

                   in their critical AML responsibilities,” said Director of Enforcement  Ian McGinley.

                   “Firms entering our markets face a binary choice – play by the rules on a level playing

                   field, or, face enforcement.”


                        Case Background


                        According to the order, from November 2017 to January 2019, SFSL engaged in

                   unlawful off-exchange transactions in forex and gold and silver with several U.S.-based

                   commodity  pools.  SFSL  unlawfully  offered  these  transactions  through  its  on-line


                   trading platform and other means and did not conduct the metals transactions on a
                   registered exchange. SFSL also operated as an FCM without being registered with the


                   CFTC  through  its  solicitation  and  acceptance  of  orders  in  forex  and  metals  and

                   acceptance  of  funds  to  margin  such  trades. Additionally,  SFSL  failed  to  supervise

                   diligently its employees in implementing its AML and know-your-customer policy and

                   procedures in handling the accounts of the pools, which were comprised of U.S. retail

                   participants and operated and advised by an unregistered U.S. commodity pool operator

                   (CPO) and commodity trading advisor (CTA).


                        Specifically, the order finds SFSL failed to determine whether the unregistered

                   CPO and CTA were regulated or required to be registered with the CFTC despite clear

                   indications  they  were  acting  in  roles  that  were  subject  to  regulation  and  required

                   registration. In addition, SFSL allowed the CPO and CTA to open trading accounts on

                   behalf  of  the  pools  using  application  forms  titled,  “Account  Opening Application

                   Unregulated Entity.”  Further, SFSL did  not  flag or perform adequate due diligence

                   when the CPO and CTA opened multiple additional accounts on behalf of existing and



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