UNITED STATES OF AMERICA 

Before the 

COMMODITY FUTURES TRADING COMMISSION 

In the Matter of: 

Bank of Montreal, 

Respondent. 

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CFTC Docket No. 23-34

ORDER INSTITUTING PROCEEDINGS PURSUANT TO 

SECTION 6(c) AND (d) OF THE COMMODITY EXCHANGE ACT, MAKING 

FINDINGS, AND IMPOSING REMEDIAL SANCTIONS

I. INTRODUCTION

The Commodity Futures Trading Commission (“Commission”) has reason to believe that 

from at least 2019 to the present (“Relevant Period”), Bank of Montreal (“BMO” or 

“Respondent”) violated, as set forth below, Sections 4s(f)(1)(C), 4s(g)(1) and (3), and 

4s(h)(1)(B) of the Commodity Exchange Act (“Act”), 7 U.S.C. §§ 6s(f)(1)(C), 6s(g)(1), (3), 

6s(h)(1)(B), and Commission Regulations (“Regulations”) 1.31, 23.201(a), 23.202(a)(1) and 

(b)(1), and 23.602(a), 17 C.F.R. §§ 1.31, 23.201(a), 23.202(a)(1), (b)(1), 23.602(a) (2022). 

Therefore, the Commission deems it appropriate and in the public interest that public 

administrative proceedings be, and hereby are, instituted to determine whether Respondent 

engaged in the violations set forth herein and to determine whether any order should be issued 

imposing remedial sanctions. 

In anticipation of the institution of an administrative proceeding, Respondent has 

submitted an Offer of Settlement (“Offer”), which the Commission has determined to accept. 

Respondent admits the facts set forth in Section II below, acknowledges that its conduct violated 

the Act and Regulations and consents to the entry of this Order Instituting Proceedings Pursuant 

to Section 6(c) and (d) of the Commodity Exchange Act, Making Findings, and Imposing 

Remedial Sanctions (“Order”), and acknowledges service of this Order.1

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 Respondent agrees that the findings of fact and conclusions of law in this Order shall be taken as true and correct 

and be given preclusive effect without further proof in this proceeding and any other proceeding brought by the 

Commission or to which the Commission is a party or claimant, including but not limited to, a proceeding in 

bankruptcy or receivership. Respondent does not consent to the use of the Offer or this Order, or the findings or 

conclusions in this Order, by any other party in any other proceeding.
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II. FINDINGS 

The Commission finds the following: 

A. SUMMARY 

 The Act and Regulations impose recordkeeping and supervision requirements on 

Commission registrants to ensure that they responsibly discharge their crucial role in our 

markets. Compliance with these requirements is essential to the Commission’s efforts to 

promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound 

regulation. 

During the Relevant Period, BMO employees, including those at senior levels, 

communicated both internally and externally using unapproved methods, including via personal 

text messages and WhatsApp messages. These written communications were sent and received 

by BMO employees and included messages related to BMO’s business as a Commission 

registrant that were required to be maintained under Commission-mandated recordkeeping 

requirements. These written communications via unapproved methods generally were not 

maintained and preserved by BMO, and BMO generally would not have been able to furnish the 

communications promptly to a Commission representative if and when requested. As a result, 

BMO violated, as set forth below, Sections 4s(f)(1)(C), and 4s(g)(1) and (3) of the Act, 7 U.S.C. 

§§ 6s(f)(1)(C), 6s(g)(1), (3), and Regulations 1.31, 23.201(a), and 23.202(a)(1) and (b)(1), 

17 C.F.R. §§ 1.31, 23.201(a), 23.202(a)(1), (b)(1) (2022). 

 In addition, the widespread use of unauthorized communication methods by BMO’s 

employees to conduct firm business violated BMO’s own policies and procedures, which 

prohibited such communications. BMO did not maintain adequate internal controls with respect 

to the use of unapproved communication methods for business-related communications. Indeed, 

some of the very same supervisory personnel at BMO responsible for ensuring compliance with 

BMO’s policies and procedures themselves utilized unapproved methods of communication to 

engage in business-related communications, in violation of firm policy. Because BMO failed to 

implement a diligent supervisory system to ensure compliance with Commission recordkeeping 

requirements and the firm’s own policies and procedures, and because the widespread use of 

unauthorized communication methods resulted in the firm’s failure to maintain Commissionrequired records, BMO failed to diligently supervise matters related to its business as a 

Commission registrant in violation of Section 4s(h)(1)(B) of the Act, 7 U.S.C. § 6s(h)(1)(B), and 

Regulation 23.602(a), 17 C.F.R. § 23.602(a) (2022), as set forth below. 

B. RESPONDENT 

Bank of Montreal is a financial institution with its principal executive offices in 

Toronto, Ontario. BMO has been provisionally registered with the Commission as a swap dealer 

since December 31, 2012. 
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C. FACTS 

In connection with the Commission’s investigation, BMO disclosed that it conducted a 

review of the use of unapproved communications methods by its employees. That review 

demonstrated that there was widespread and longstanding use of unapproved communication 

methods by employees—including senior-level employees—to engage in firm business. 

Importantly, during the Relevant Period, BMO’s policies and procedures broadly 

prohibited employees from using unapproved communication methods, such as personal text 

messages and WhatsApp, to engage in business-related communications. 

Messages sent through BMO-approved communications methods were monitored, 

subject to review, and when appropriate, archived. By contrast, messages sent using unapproved 

communication methods, including over personal WhatsApp, email, and text messages, were 

generally not monitored, subject to review, or archived. 

As a result of BMO’s failure to ensure that employees—including supervisors and seniorlevel employees—complied with the firm’s communications policies and procedures, BMO 

failed to maintain thousands of business-related communications, including communications in 

connection with its swaps business, and thus failed diligently to supervise its businesses as a 

Commission registrant. These supervision failures resulted in the widespread use of unapproved 

methods of communication by many BMO employees in violation of the firm’s policies and 

procedures, as well as a widespread failure to maintain certain records required to be maintained 

pursuant to Commission recordkeeping requirements. 

A sampling analysis, for example, of the personal devices of ten BMO employees, 

including one associated person of BMO’s CFTC-registered business, illustrates the breadth of 

BMO’s supervision and recordkeeping failures. Of those ten employees, which included a 

number of senior-level employees, all had violated BMO’s communications policies and 

procedures by using personal text message or other unapproved methods to communicate with 

brokers, coworkers, and market participants. Further, those employees’ communications 

revealed that numerous other BMO employees (including several managing directors and senior 

supervisors) conducted swap dealer business via unapproved methods (including in text and 

WhatsApp messages). 

The Commission’s investigation concluded that certain of the communications by BMO 

employees using unapproved communication methods constituted records that were required to 

be kept pursuant to Commission recordkeeping requirements, but were not preserved and 

maintained by BMO. 

BMO’s recordkeeping and supervision failures were widespread across the swap dealer 

and involved employees at all levels of authority. Moreover, employees’ use of unapproved 

communication methods was not hidden within the firm. To the contrary, certain supervisors—

the very people responsible for supervising employees to prevent this misconduct—routinely 

communicated using unapproved methods on their personal devices. In fact, senior supervisors 

responsible for implementing BMO’s swap dealer policies and procedures, and for overseeing 

employees’ compliance with those policies and procedures, themselves failed to comply with 
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firm policies by communicating using unapproved methods on their personal devices about the 

firm’s Commission-regulated business. 

III. LEGAL DISCUSSION 

A. BMO’s Failure to Maintain Required Records in Violation of Sections 

4s(f)(1)(C) and 4s(g)(1) and (3) of the Act and Regulations 23.201(a) and 

23.202(a)(1) and (b)(1) 

Section 4s(f)(1)(C) of the Act obligates swap dealers to keep “books and records of all 

activities related to its business as a swap dealer . . . in such form and manner and for such period 

as may be prescribed by the Commission by rule or regulation” and those books and records 

must be kept “open to inspection and examination by any representative of the Commission.” 

7 U.S.C. § 6s(f)(1)(C); see also Section 4s(g)(1) and (3) of the Act, 7 U.S.C. § 6s(g)(1), (3) 

(requiring swap dealers to keep daily trading and counterparty records). These statutes are 

implemented, among other places, at Regulations 23.201(a) and 23.202(a)(1) and (b)(1), 

17 C.F.R. §§ 23.201(a), 23.202(a)(1), (b)(1) (2022). 

Regulation 23.201(a) obligates a swap dealer to “keep full, complete, and systematic 

records, together with all pertinent data and memoranda, of all its swaps activities,” including 

“[r]ecords of each transaction, including all documents on which transaction information is 

originally recorded.” Regulation 23.202(a)(1) and (b)(1) requires, in relevant part, every swap 

dealer to keep daily trading records of all swaps and related cash and forward transactions it 

executes including, specifically, a record of oral and written communications provided or 

received concerning quotes, solicitations, bids, offers, instructions, trading, and prices that led to 

the execution of a swap transaction or the conclusion of a related cash or forward transaction. 

During the Relevant Period, as a result of the widespread employee use of unapproved 

communication methods, BMO failed to maintain Commission-required transaction records and 

pre-execution communications. By this conduct, BMO violated Sections 4s(f)(1)(C) and 

4s(g)(1) and (3) of the Act and Regulations 23.201(a) and 23.202(a)(1) and (b)(1). 

B. BMO’s Failure to Keep Records in Required Manner in Violation of 

Regulation 1.31 

Regulation 1.31(b)(4), 17 C.F.R. § 1.31(b)(4) (2022), requires that registrants keep all 

books and records that are required to be maintained under the Act and Regulations in such 

manner as to make them “readily accessible” for a period of two years for paper records and for 

the duration of the retention period for electronic records. Upon request of the Commission, all 

of these documents are required to be “promptly” produced. Regulation 1.31(d), 17 C.F.R. 

§ 1.31(d) (2022). Regulation 23.203(b)(1), 17 C.F.R. § 23.203(b)(1) (2022), requires that 

records required to be kept pursuant to Part 23 of the Regulations, be kept in accordance with 

Regulation 1.31, 17 C.F.R. § 1.31 (2022). 

By failing to keep all Commission-required records in such a manner as to make them 

“readily accessible,” BMO violated Regulation 1.31. 
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C. BMO’s Failure to Supervise Diligently in Violation of Section 4s(h)(1)(B) of 

the Act and Regulation 23.602(a) 

Section 4s(h)(1)(B) of the Act, 7 U.S.C. § 6s(h)(1)(B), requires “diligent supervision of 

the business of the registered swap dealer[.]” Regulation 23.602(a) requires that each swap 

dealer “shall establish and maintain a system to supervise, and shall diligently supervise, all 

activities relating to its business performed by its partners, members, officers, employees, and 

agents (or persons occupying a similar status or performing a similar function).” 17 C.F.R. 

§ 23.602(a) (2022). The operative language of Regulation 23.602 is similar to the language of 

the Commission’s longstanding supervision regulation for futures and options, Regulation 166.3, 

17 C.F.R. § 166.3 (2022). 

Under Regulation 23.602(a), a violation is demonstrated by showing either that: (1) the 

registrant’s supervisory system was generally inadequate; or (2) the registrant failed to perform 

its supervisory duties diligently. See In re JPMorgan Chase Bank, N.A., CFTC No. 22-07, 2021 

WL 6098347, at *6 (Dec. 17, 2021) (consent order); see also In re Commerzbank AG, CFTC No. 

19-03, 2018 WL 5921385, at *10-11 (Nov. 8, 2018) (consent order) (noting textual similarities 

between Regulation 23.602 and Regulation 166.3, applying case law concerning Regulation 

166.3, and citing In re Murlas Commodities, Inc., CFTC No. 85-29, 1995 WL 523563, at *9 

(Sept. 1, 1995), and In re Paragon Futures Assoc., CFTC No. 88-18, 1992 WL 74261, at *14 

(Apr. 1, 1992)); In re INTL FCStone Markets, LLC, CFTC No. 15-27, 2015 WL 4980321, at *3 

(Aug. 19, 2015) (consent order) (same). Either showing “alone is sufficient to establish a 

violation of the supervision requirement.” Commerzbank, 2018 WL 5921385, at *10 

(interpreting Regulation 23.602 in light of Regulation 166.3 precedents). No evidence of an 

underlying violation is necessary. In re Collins, CFTC No. 94-13, 1997 WL 761927, at *10 

(Dec. 10, 1997) (interpreting Regulation 166.3). Evidence of violations that “‘should be detected 

by a diligent system of supervision, either because of the nature of the violations or because the 

violations have occurred repeatedly,’ is probative of a failure to supervise.” See In re Bank of 

Nova Scotia, CFTC No. 20-26, 2020 WL 4926053, at *10 (Aug. 19, 2020) (consent order) 

(quoting In re Société Générale Int’l Ltd., CFTC No. 19-38, 2009 WL 4915485, at *7 (Sept. 30, 

2019) (consent order)). 

BMO failed to supervise its swap dealer business activities diligently during the Relevant 

Period. BMO failed to maintain an adequate supervisory system to ensure that employees did 

not utilize unapproved methods to engage in communications relating to firm business, including 

the swap dealer business. BMO’s failure to supervise is demonstrated by its failure to detect, 

prevent, and remediate repeated violations of the Commission’s recordkeeping requirements and 

firm policies and procedures. Supervisory personnel failed to ensure that employees complied 

with BMO’s Commission recordkeeping obligations and firm communications policies and in 

some instances themselves violated the policies. These supervision failures also resulted in the 

failure to keep and maintain Commission-required records and the failure to maintain the records 

in such a manner as to make them readily available. By this conduct, BMO failed to supervise 

diligently its officers, employees, and agents, in violation of Section 4s(h)(1)(B) of the Act and 

Regulation 23.602(a).
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IV. FINDINGS OF VIOLATIONS 

Based on the foregoing, the Commission finds that, during the Relevant Period, BMO 

violated Sections 4s(f)(1)(C), 4s(g)(1) and (3), and 4s(h)(1)(B) of the Act, 7 U.S.C. 

§§ 6s(f)(1)(C), 6s(g)(1), (3), 6s(h)(1)(B), and Regulations 1.31, 23.201(a), 23.202(a)(1) and 

(b)(1), and 23.602(a), 17 C.F.R. §§ 1.31, 23.201(a), 23.202(a)(1), (b)(1), 23.602(a) (2022). 

V. OFFER OF SETTLEMENT 

Respondent has submitted the Offer in which it: 

A. Acknowledges service of this Order; 

B. Admits the facts described in Section II above and acknowledges that its conduct violated 

the Act and Regulations; 

C. Admits the jurisdiction of the Commission with respect to all matters set forth in this 

Order and for any action or proceeding brought or authorized by the Commission based 

on violation of or enforcement of this Order; 

D. Waives: 

1. The filing and service of a complaint and notice of hearing; 

2. A hearing; 

3. All post-hearing procedures; 

4. Judicial review by any court; 

5. Any and all objections to the participation by any member of the Commission’s 

staff in the Commission’s consideration of the Offer; 

6. Any and all claims that it may possess under the Equal Access to Justice Act, 

5 U.S.C. § 504, and 28 U.S.C. § 2412, and/or the rules promulgated by the 

Commission in conformity therewith, Part 148 of the Regulations, 17 C.F.R. 

pt. 148 (2022), relating to, or arising from, this proceeding; 

7. Any and all claims that it may possess under the Small Business Regulatory 

Enforcement Fairness Act of 1996, Pub. L. No. 104-121, tit. II, §§ 201–253, 110 

Stat. 847, 857–74 (codified as amended at 28 U.S.C. § 2412 and in scattered 

sections of 5 U.S.C. and 15 U.S.C.), relating to, or arising from, this proceeding; 

and 

8. Any claims of Double Jeopardy based on the institution of this proceeding or the 

entry in this proceeding of any order imposing a civil monetary penalty or any 

other relief, including this Order; 
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E. Stipulates that the record basis on which this Order is entered shall consist solely of the 

findings contained in this Order to which Respondent has consented in the Offer; 

F. Consents, solely on the basis of the Offer, to the Commission’s entry of this Order that: 

1. Makes findings by the Commission that BMO violated Sections 4s(f)(1)(C), 

4s(g)(1) and (3), and 4s(h)(1)(B) of the Act, 7 U.S.C. §§ 6s(f)(1)(C), 6s(g)(1), (3), 

6s(h)(1)(B), and Regulations 1.31, 23.201(a), 23.202(a)(1) and (b)(1), and 

23.602(a), 17 C.F.R. §§ 1.31, 23.201(a), 23.202(a)(1), (b)(1), 23.602(a) (2022); 

2. Orders BMO to cease and desist from violating Sections 4s(f)(1)(C), 4s(g)(1) and 

(3), and 4s(h)(1)(B) of the Act, and Regulations 1.31, 23.201(a), 23.202(a)(1) and 

(b)(1), and 23.602(a); 

3. Orders Respondent to pay a civil monetary penalty in the amount of thirty-five 

million US dollars ($35,000,000), plus post-judgment interest within fourteen days 

of the date of entry of this Order; and 

4. Orders Respondent and its successors and assigns to comply with the conditions 

and undertakings consented to in the Offer and as set forth in Part VI of this Order; 

and 

G. Represents that Respondent has engaged in a review of certain recordkeeping failures and 

begun a program of remediation. 

Upon consideration, the Commission has determined to accept the Offer. 

VI. ORDER 

Accordingly, IT IS HEREBY ORDERED THAT: 

A. BMO and its successors and assigns shall cease and desist from violating Sections 

4s(f)(1)(C), 4s(g)(1) and (3), and 4s(h)(1)(B) of the Act, 7 U.S.C. §§ 6s(f)(1)(C), 

6s(g)(1), (3), 6s(h)(1)(B), and Regulations 1.31, 23.201(a), 23.202(a)(1) and (b)(1), and 

23.602(a), 17 C.F.R. §§ 1.31, 23.201(a), 23.202(a)(1), (b)(1), 23.602(a) (2022). 

B. Respondent shall pay a civil monetary penalty in the amount of thirty-five million US 

dollars ($35,000,000) (“CMP Obligation”), within fourteen days of the date of the entry 

of this Order. If the CMP Obligation is not paid in full within fourteen days of the date of 

entry of this Order, then post-judgment interest shall accrue on the CMP Obligation 

beginning on the date of entry of this Order and shall be determined by using the 

Treasury Bill rate prevailing on the date of entry of this Order pursuant to 28 U.S.C. 

§ 1961. 

Respondent shall pay the CMP Obligation and any post-judgment interest by electronic 

funds transfer, U.S. postal money order, certified check, bank cashier’s check, or bank 

money order. If payment is to be made other than by electronic funds transfer, then the 
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payment shall be made payable to the Commodity Futures Trading Commission and sent 

to the address below:

MMAC/ESC/AMK326 

Commodity Futures Trading Commission 

6500 S. MacArthur Blvd. 

HQ Room 266 

Oklahoma City, OK 73169 

9-AMC-AR-CFTC@faa.gov 

 If payment is to be made by electronic funds transfer, BMO shall contact Tonia King or 

her successor at the above email address to receive payment instructions and shall fully 

comply with those instructions. Respondent shall accompany payment of the CMP 

Obligation with a cover letter that identifies the paying Respondent and the name and 

docket number of this proceeding. The paying Respondent shall simultaneously transmit 

copies of the cover letter and the form of payment to the Chief Financial Officer, 

Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW, 

Washington, D.C. 20581. 

C. Respondent and its successors and assigns shall comply with the following conditions 

and undertakings set forth in the Offer: 

1. BMO shall conduct, within 150 days of the entry of this Order: 

a. A comprehensive review of BMO’s supervisory, compliance, and other 

policies and procedures designed to ensure that BMO’s electronic 

communications, including those found on personal electronic devices, 

including without limitation, cellular phones (“Personal Devices”), are 

preserved in accordance with the requirements of the Act, the Regulations, 

and BMO’s policies and procedures. 

b. A comprehensive review of training conducted by BMO to ensure swap dealer 

personnel are complying with the requirements regarding the preservation of 

electronic communications, including those found on Personal Devices, in 

accordance with the requirements of the Act and the Regulations, and BMO’s 

policies and procedures, including by ensuring that BMO swap dealer 

personnel certify in writing on a quarterly basis that they are complying with 

preservation requirements. 

c. An assessment of the surveillance program measures implemented by BMO to 

ensure compliance, on an ongoing basis, with the requirements found in the 

Act, the Regulations, and BMO’s swap dealer policies and procedures to 

preserve electronic communications, including those found on Personal 

Devices. 

d. An assessment of the technological solutions that BMO has begun 

implementing to meet the record retention requirements of the Act, the 
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Regulations, and BMO’s policies and procedures, including an assessment of 

the likelihood that BMO swap dealer personnel will use the technological 

solutions going forward and a review of the measures employed by BMO to 

track employee usage of new technological solutions. 

e. An assessment of the measures used by BMO to prevent the use of 

unauthorized communications methods for business communications by swap 

dealer personnel. This assessment should include, but not be limited to, a 

review of the firm’s policies and procedures to ascertain if they provide for 

any significant technology and/or behavioral restrictions that help prevent the 

risk of the use of unapproved communications methods on Personal Devices 

(e.g., trading floor restrictions). 

f. A review of BMO’s electronic communications surveillance routines to 

ensure that electronic communications through approved communications 

methods found on Personal Devices are incorporated into BMO’s overall 

swap dealer communications surveillance program. 

g. A comprehensive review of the framework adopted by BMO to address 

instances of non-compliance by BMO swap dealer employees with BMO’s 

policies and procedures concerning the use of Personal Devices to 

communicate about BMO business in the past. This review shall include a 

survey of how BMO determined which employees failed to comply with 

BMO policies and procedures, the corrective action carried out, an evaluation 

of who violated policies and why, what penalties were imposed, and whether 

penalties were handed out consistently across business lines and seniority 

levels. 

2. Written Report of Findings: 

a. Within forty-five (45) days after completion of the review set forth in subparagraphs 1.a. through 1.g. above, BMO shall submit a detailed written 

report of its findings to the Commission staff (the “Report”). The Report shall 

include a description of the review performed, the names of the individuals 

who performed the review, the conclusions reached, and a summary of the 

plan for implementing the recommended changes in or improvements to 

BMO’s policies and procedures. 

b. BMO shall adopt all recommendations contained in the Report within one 

hundred and thirty-five (135) days of the date of the Report. 

c. The Report will likely include confidential financial, proprietary, competitive 

business or commercial information. Public disclosure of the reports could 

discourage cooperation, impede pending or potential government 

investigations or undermine the objectives of the reporting requirement. For 

these reasons, among others, the reports and the contents thereof are intended 
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to remain and shall remain non-public, except: (1) pursuant to court order; 

(2) as agreed to by the parties in writing; (3) to the extent that the Commission 

determines in its sole discretion that disclosure would be in furtherance of the 

Commission’s discharge of its duties and responsibilities; or (4) is otherwise 

required by law. 

3. One-Year Evaluation: BMO shall assess its program for the preservation, as required 

under the Act, Regulations, and BMO’s policies and procedures, of electronic 

communications, including those found on Personal Devices, commencing one year 

after submitting the Report required by Paragraph 2.a above. BMO shall require this 

review to evaluate BMO’s progress in the areas described in Paragraph 1.a. through 

1.g. above. After this review, BMO shall submit a report (the “One Year Report”) to 

the Commission staff and shall ensure that the One Year Report includes an updated 

assessment of BMO’s policies and procedures with regard to the preservation of 

electronic communications (including those found on Personal Devices), training, 

surveillance programs, and technological solutions implemented in the prior year 

period. 

4. Reporting Discipline Imposed: For two years following the entry of this Order, BMO 

shall notify the Commission staff as follows upon the imposition of any discipline 

imposed by BMO, including, but not limited to, written warnings, loss of any pay, 

bonus, or incentive compensation, or the termination of employment, with respect to 

any swap dealer personnel found to have violated BMO’s policies and procedures 

concerning the preservation of electronic communications, including those found on 

Personal Devices: (1) at least 48 hours before the filing of a Form 8-T; or (2) within 

ten (10) days of the imposition of other discipline. 

5. Recordkeeping: BMO shall preserve, for a period of not less than six (6) years from 

the end of the fiscal year last used, the first two (2) years in an easily accessible place, 

any record of compliance with these undertakings. 

6. Public Statements: Respondent agrees that neither it nor any of its successors and 

assigns, agents or employees under its authority or control shall take any action or 

make any public statement denying, directly or indirectly, any findings or conclusions 

in this Order or creating, or tending to create, the impression that this Order is without 

a factual basis; provided, however, that nothing in this provision shall affect 

Respondent’s: (1) testimonial obligations; or (2) right to take legal positions in other 

proceedings to which the Commission is not a party. Respondent and its successors 

and assigns shall comply with this agreement, and shall undertake all steps necessary 

to ensure that all of its agents and/or employees under its authority or control 

understand and comply with this agreement. 

7. Cooperation, in General: Respondent shall cooperate fully and expeditiously with the 

Commission, including the Commission’s Division of Enforcement, in this action, 

and in any current or future Commission investigation or action related thereto. 
Respondent shall also cooperate in any investigation, civil litigation, or administrative 

matter related to, or arising from, the subject matter of this action. 

8. Partial Satisfaction: Respondent understands and agrees that any acceptance by the 

Commission of any partial payment of Respondent's CMP Obligation shall not be 

deemed a waiver of its obligation to make further payments pursuant to this Order, or 

a waiver of the Commission's right to seek to compel payment of any remaining 

balance. 

9. Deadlines: For good cause shown, Division staff may extend any of the procedural 

dates relating to the undertakings. Unless otherwise specified, deadlines for 

procedural dates shall be counted in calendar days, except that if the last day falls on 

a weekend or federal holiday, the next business day shall be considered to be the last 

day. 

10. Change of Address/Phone: Until such time as Respondent satisfies in full its CMP 

Obligation as set forth in this Order, Respondent shall provide written notice to the 

Commission by certified mail of any change to its telephone numbers and mailing 

addresses within ten calendar days of the change. 

The provisions of this Order shall be effective as of this date. 

By the Commission. 

Christopher 

~~-~ J. Kirkpatrick 

Secretary of the Commission 

Commodity Futures Trading Commission 

Dated: August 8, 2023 

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