Bmo Family Office, Llc

Allegations: THE U.S. COMMODITY FUTURE TRADING COMMISSION ("CFTC") ALLEGED THAT, FROM AT LEAST 2019 THROUGH THE DATE OF THE ORDER, BANK OF MONTREAL ("BMO") (I) FAILED TO KEEP CERTAIN REQUIRED RECORDS IN VIOLATIONOF SECTIONS 4S(F)(1)(C) AND 4S(G)(1) AND (3) OF THE COMMODITY EXCHANGE ACT ("CEA") AND CFTC REGULATIONS 23.201(A) AND 23.202(A)(1) AND (B)(1), (II) FAILED TO KEEP RECORDS IN THE MANNER REQUIRED BY CFTC REGULATION 1.31, AND (III) FAILED TO SUPERVISE ITS SWAP DEALER BUSINESS ACTIVITIES DILIGENTLY INVIOLATION OF SECTION 4S(H)(1)(B) OF THE CEA AND CFTC REGULATION 23.602(A). Status: Final Sanction Detail: ITEM 12(C)) SANCTION DETAIL BANK OF MONTREAL ("BMO") ADMITTED TO THE FACTS IN THE CFTC'S ORDER,ACKNOWLEDGED ITS CONDUCT VIOLATED THE COMMODITY EXCHANGE ACT ("CEA") AND CFTC REGULATIONS, AND AGREED TO (I) THE ENTRY OF THE CFTC'S FINDINGS; (II) CEASE AND DESIST FROM VIOLATING SECTIONS 4S(F)(1)(C), 4S(G)(1) AND (3), AND 4S(H)(1)(B) OF THE CEA AND CFTC REGULATIONS 1.31, 23.201(A), 23.202(A)(1) AND (B)(1), AND 23.602(A); (III) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $35,000,000; AND (IV) COMPLY WITH CERTAIN UNDERTAKINGS. Summary: ON AUGUST 8, 2023, THE U.S. COMMODITY FUTURES TRADING COMMISSION ("CFTC") ALLEGED THAT BANK OF MONTREAL ("BMO") (I) FAILED TO KEEP CERTAIN REQUIRED RECORDS IN VIOLATION OF SECTIONS 4S(F)(1)(C) AND 4S(G)(1) AND (3) OF THE COMMODITY EXCHANGE ACT ("CEA") AND CFTC REGULATIONS 23.201(A) AND 23.202(A)(1) AND (B)(1), (II) FAILED TO KEEP RECORDS IN THE MANNER REQUIRED BY CFTC REGULATION 1.31, AND (III) FAILED TO SUPERVISE ITS SWAP DEALER BUSINESS ACTIVITIES DILIGENTLY IN VIOLATION OF SECTION 4S(H)(1)(B) OF THE CEA AND CFTC REGULATION 23.602(A). BMO ADMITTED TO THE FACTS IN THE CFTC'S ORDER, ACKNOWLEDGED THAT ITS CONDUCT VIOLATED THE CEA AND CFTC REGULATIONS, AND AGREED TO (I) THE SERVICE OF THE CFTC'S ORDER;(II) CEASE AND DESIST FROM VIOLATING SECTIONS 4S(F)(1)(C), 4S(G)(1) AND (3), AND 4S(H)(1)(B) OF THE CEA AND CFTC REGULATIONS 1.31, 23.201(A), 23.202(A)(1) AND (B)(1), AND 23.602(A); (III) PAY A CIVIL MONETARY PENALTY IN THE AMOUNT OF $35,000,000; AND (IV) COMPLY WITH CERTAIN UNDERTAKINGS.