September 30, 2019
CFTC Orders Global Agribusiness to Pay $175,000 for Failure to File Timely Reports
Washington, DC – The U.S. Commodity Futures Trading Commission today issued an order filing and simultaneously settling charges against Intergrain S.A., for failing to file timely CFTC Form 204 Reports. The CFTC order requires Intergrain to pay a $175,000 civil monetary penalty and to cease and desist from committing further violations of CFTC Regulation 19.01.
The order finds that during the period from December 2017 until July 2019, Intergrain held reportable positions in Form 204 commodities and was required to file Form 204 Reports showing the quantities of the fixed price purchase and sale open cash positions of such commodities it hedged. However, Intergrain failed on thirteen occasions during this time period to timely file CFTC Form 204 Reports as required under CFTC regulations, including after having been notified by Commission staff of delinquent filings.
The CFTC’s Division of Market Oversight issued in 2013 an advisory regarding the obligation of market participants to submit accurate Form 204 Reports. [See CFTC Staff Advisory No. 13-42] A purpose of the Form 204 Report is to check compliance with speculative position limits by ensuring that filers classify their futures positions as hedging cash positions that are actually owned or controlled.
The Division of Enforcement staff members responsible for this action are Janet Briner, Kelly Beck, Michael Solinsky and Rick Glaser.