FCM Settles With CFTC Over Supervision Failures Related To Customer Records

AMP Global Clearing LLC ("AMP"), a registered futures commission merchant, agreed to pay a $100,000 penalty to settle CFTC charges that AMP failed to supervise the implementation of critical provisions in its information systems security program ("ISSP").

The CFTC alleged that customer records and information were left unprotected for nearly 10 months and, as a result, a third party unaffiliated with AMP accessed the AMP network and copied approximately 97,000 files that included customers' personally identifiable information.

The Order requires AMP to provide two written follow-up reports on ongoing AMP efforts to improve the security of its network and its compliance with the requirements of its ISSP. The CFTC noted that the civil monetary penalty reflects the cooperation AMP exhibited after becoming aware of the unauthorized access.