CFTC Enforcement Action Targets Company for Failure to File CFTC Form 204
In another enforcement action involving failure to file CFTC from 2014 as required by CFTC Regulation 19.01, the Commodity Futures Trading Commission ordered Golden Agri International Pte Ltd. to pay $150,000. This follows similar actions against farm co-op CHS Inc. and Marubeni America Corporation and is a reminder to reportable market participants of their ongoing legal obligation to comply in a timely manner with Regulation 19.01, which prescribes the form and manner for submitting Form 204 reports to the Commission for wheat, corn, oats, soybeans, soybean oil, and soybean meal. Regulation 19.01(b) requires that the Form 204 report be made monthly by the close of business on the last Friday of the month, and filed with the Commission’s Office in Chicago, IL by the third business day following the date of the report or via facsimile, telephone, or mail.
Failure to file Form 204 reports in a timely manner and follow instructions constitutes a violation of Regulation 19.01, which is actionable under the Commodity Exchange Act (“CEA”) and Commission regulations and these actions show that enforcement proceedings will brought against nonconforming companies.
If you have questions regarding CFTC Form 204, Regulation 19.01(b), or any other CFTC rule or regulation, please contact Braden Perry with Kennyhertz Perry, LLC’s Commodities, Futures, and Derivatives, and Government Enforcement practice groups, where roots of the practice are in the commodities markets, where Mr. Perry spent time as a CFTC Senior Trial Attorney. Kennyhertz Perry 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, and CFTC regulations, and the rules of the derivatives exchanges and clearinghouses and other industry self-regulatory organizations. Kennyhertz Perry lawyers guide clients on comment-making about proposed legislation and regulation, provide ongoing operational and compliance counseling, and offer advice on modifications of transaction structure and documentation. Mr. Perry also brings his enforcement experience and his substantial prior experience in white collar criminal defense practice, and represents corporate clients and individual officers and directors at every stage of government investigations and enforcement actions – including white collar criminal matters – initiated by state and federal agencies, including the CFTC and NFA.
About Braden Perry
Braden Perry is a litigation, regulatory and government investigations attorney with Kennyhertz Perry, LLC. Mr. Perry has the unique tripartite experience of a white collar criminal defense and government compliance, investigations, and litigation attorney at a national law firm; a senior enforcement attorney at a federal regulatory agency; and the Chief Compliance Officer/Chief Regulatory Attorney of a global financial institution. Mr. Perry has extensive experience advising clients in government inquiries and investigations, particularly in enforcement matters involving emerging or novel issues. He couples his technical knowledge and experience defending clients in front of federal agencies with a broad-based understanding of compliance from an institutional and regulatory perspective.
About Kennyhertz Perry, LLC
Kennyhertz Perry, LLC is a business and litigation law firm representing clients in highly regulated industries. The firm was founded by two veteran Kansas City attorneys, John Kennyhertz and Braden Perry. To learn more about the firm, visit kennyhertzperry.com.