Page 502 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

果 ARM 无权代表客户签署互换协议，ARM 通常会与客户一起和相关交易对手

方进行电话沟通，客户会在这期间对条款作出确认。

CFTC Orders Texas Commodity Trading Advisor to Pay $200,000 for Failing to

Register as a Swap Execution Facility (2022/9/26)

The Commodity Futures Trading Commission today issued an order

simultaneously filing and settling charges against Asset Risk Management,

LLC (ARM), a registered Commodity Trading Advisor headquartered in Houston,

Texas, for failing to register as a swap execution facility (SEF). The order requires

ARM to pay a $200,000 civil monetary penalty and to cease and desist from any

further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as

charged.

“Failing to register as required by the CEA impairs the CFTC’s ability to

monitor swap markets and threatens the integrity of the industry,” said Acting
Director of Enforcement Gretchen Lowe. “The Division of Enforcement will continue

to bring actions against firms that are operating unregistered swap execution facilities,

including those offering non-electronic methods of trading.”

Case Background

The order finds that from approximately September 2017, ARM operated an

unregistered SEF that provided clients the ability to execute swaps by accepting bids

and offers made by multiple participants on a trading system or platform in various

swap tenors and volumes. To communicate with clients and counterparties and

execute the swaps, ARM used various means of interstate commerce including phone,

instant messaging, and email.

During the relevant period, ARM often recommended that clients execute swap

transactions in which the underlying commodity was natural gas, natural gas liquids,
or crude oil. In a typical swap transaction, ARM received a request for swap pricing

from a client and then submitted the pricing request (and sometimes other terms) to

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