October 1, 2019
CFTC Settles Swaps Reporting Charges Against PNC Bank
Washington, DC — On Monday, September 30, 2019, the CFTC filed and settled charges against PNC Bank, National Association (PNC), a provisionally registered swap dealer, for failing to comply with its swap reporting obligations as a swap dealer. According to the order, PNC failed to properly report legal entity identifiers (LEIs), primary economic terms, and continuation data to its swap data repository (SDR); failed to file large trader reports for its physical commodity swaps; and failed to timely report certain trades to its SDR. The CFTC order imposes a $300,000 civil monetary penalty on PNC, among other sanctions, for these reporting violations.
PNC’s reporting failures were in violation of the reporting requirements of Parts 20, 43, and 45 of the CFTC regulations.
The order recognizes PNC’s self-reporting before it knew the full extent of its violations and its full cooperation with the Division of Enforcement, the Division of Swap Dealer and Intermediary Oversight, and the Division of Market Oversight. The order also recognizes PNC’s remediation of its swaps reporting issues both on an ongoing basis and with respect to historical reports, including transactions no longer on PNC’s books.
Division of Market Oversight staff member Benjamin DeMaria and Division of Swap Dealer and Intermediary Oversight staff members Pamela M. Geraghty, Thomas J. Bloom, and Kurt J. Harms assisted in this matter.
The Division of Enforcement staff members responsible for this matter are Trevor Kokal, David C. Newman, Candice Aloisi, Lenel Hickson, Jr., and Manal M. Sultan.