Braden Perry Featured in Scotiabank Feels the Wrath of a Regulator Scorned Article
Law360 featured Braden Perry, among other experts, in an article on Scotiabank feeling the wrath of a regulator scorned.
Canada’s Bank of Nova Scotia, the U.S. Commodity Futures Trading Commission and federal prosecutors recently reached a settlement of $127 million over an alleged eight-year precious metals spoofing scheme. The Scotiabank was lauded by the CFTC back in 2018 for what the regulator had deemed exemplary handling of the first investigation related to the purported scheme.
The CFTC now saying it was not as it seemed. In the recent settlement, the commission revealed findings that during the original investigation, the bank submitted multiple false statements regarding its trading practices and compliance procedures to CFTC staff, the regulatory department of the COMEX commodities exchange and the National Futures Association.
“When the CFTC proposes an early resolution, it expects the party to provide full and accurate information that relates to the conduct,” said Braden Perry, a litigation, regulatory and government investigations attorney with Kennyhertz Perry LLC, in an email. “Any deviation from these expectations are treated extremely seriously.”
To read this article in full: https://www.law360.com/banking/articles/1305125/scotiabank-feels-the-wrath-of-a-regulator-scorned
About Kennyhertz Perry’s Commodities, Futures, and Derivatives Practice Group
Kennyhertz Perry advises clients on a wide range of commodities and derivatives regulatory matters. Kennyhertz Perry has experience in all types of derivative transactions and design structures to meet clients’ specific trading, financial, and/or credit needs. The roots of the practice are in the commodities markets, where Kennyhertz Perry partner Braden Perry spent time as a Senior Trial Attorney with the Commodity Futures Trading Commission. Our lawyers regularly advise our clients on compliance with the complex laws and regulations governing the securities and derivatives industries, including the Commodity Futures Modernization Act of 2000, the Commodity Exchange Act, the Gramm-Leach-Bliley Act, the Securities Acts of 1933 and 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the SEC and CFTC regulations, the rules of the various derivatives exchanges and clearinghouses and other industry self-regulatory organizations and the “Blue Sky” state securities laws. Keeping abreast of regulatory developments is imperative, and enables our lawyers to guide clients on comment-making about proposed legislation and regulation, provide ongoing operational and compliance counseling, and offer advice on appropriate modifications of transaction structure and documentation.
Clients also benefit from Kennyhertz Perry’s experience in related areas of law, such as litigation, banking, securities, insurance, and its regular practice before the Commodity Futures Trading Commission. Leaders in the financial industry choose Kennyhertz Perry because the firm’s lawyers tailor their advice to the unique issues presented by each matter they handle.
To learn more about Kennyhertz Perry, LLC, please visit kennyhertzperry.com.
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