SEC and CFTC impose penalties on CIBC for accounting violations

OTTAWA (dpa-AFX) – The Canadian Imperial Bank of Commerce (CM) has been fined by the Securities and Exchange Commission and the Commodity Futures Trading Commission for inadequate accounting practices.

The CFTC imposed a civil penalty of $30 million “for failing to maintain and retain records required to be maintained under the CFTC’s recordkeeping requirements and for failing to diligently monitor matters related to its business as a CFTC registrant.”

Meanwhile, the SEC announced that CIBC World Markets Corp., along with CIBC Private Wealth Advisors, Inc., had agreed to pay a penalty of $12 million.

In particular, CIBC and several other companies were fined a total of approximately $88.2 million by the SEC for failing to maintain and retain electronic communications. The regulator ordered each of the companies to cease and desist from future violations of relevant data retention regulations.

Canadian Imperial Bank of Commerce shares are currently trading at $61.72 on the New York Stock Exchange, up 0.37 percent.

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