The Canadian Imperial Bank of Commerce (CM) has faced significant penalties from both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) due to shortcomings in their record-keeping practices.
The CFTC levied a $30 million civil monetary penalty against CIBC for "failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements and failing to diligently supervise matters related to its business as a CFTC registrant."
Simultaneously, the SEC disclosed that CIBC World Markets Corp., along with CIBC Private Wealth Advisors, Inc., has consented to a $12 million penalty.
Furthermore, the SEC imposed a total penalty of approximately $88.2 million on CIBC and several other firms for inadequate maintenance and preservation of electronic communications. Each firm has been directed to cease and desist from future violations of relevant record-keeping provisions.
As of the latest trading session, shares of the Canadian Imperial Bank of Commerce are priced at $61.72 on the New York Stock Exchange, marking a 0.37% increase.