Citi and UBS Units Settle With CFTC Over Compliance Claims (1)

Units of Citigroup Inc. and UBS AG were among several firms that agreed to pay a total of $8.3 million to settle US Commodity Futures Trading Commission claims over compliance-related violations including recordkeeping and reporting lapses, the derivatives regulator said.

The penalties were part of the “enforcement sprint” initiative that CFTC Acting Chairman Caroline Pham debuted in March to encourage businesses under scrutiny from the agency to come up with reasonable offers to quickly settle cases that didn’t involve market abuse or customer harm.

“The goal of this initiative was to provide firms an opportunity to work with DOE ...