Statement of Commissioner Caroline D. Pham Regarding Order Filing and Settling Charges Against BNP Paribas
July 05, 2022
Washington, D.C. — CFTC Commissioner Caroline D. Pham today released the following statement regarding an order filing and settling swap dealer compliance charges against BNP Paribas:
I am concerned that this ultimately is a missed opportunity for the Commission to fully enforce a culture of compliance and management accountability. That is what “tone from the top” means. On this point in particular, the Commission cannot be all talk.
The Commission’s decision not to require a senior officer of the swap dealer, in addition to the chief compliance officer, to sign the written consent order report on remediation status and any ongoing material non-compliance issues suggests that the Commission does not take management accountability seriously.
Management accountability is essential to ensuring that compliance with CFTC regulations is a priority and that there are sufficient resources dedicated to the swap dealer compliance program. It is the business and management, not the Compliance department, who are the first line of defense. I am disappointed that the Commission failed to send this strong message today, and my expectation is that we will not fail to do so again.
Separately, I commend the Division of Enforcement for their efforts and successful resolution of this case.