Federal commodity regulators announced Thursday that they brought and settled charges against a unit of Citigroup Inc. for failing to file timely annual reports.
The Commodity Futures Trading Commission said that Citigroup Private Bank GP Inc., a commodity pool operator, will pay a $100,000 fine for the violation.
The CFTC said that Citigroup failed to file timely reports for fiscal years 2004 to 2007. The bank was supposed to file them on time with the National Futures Association, the self-regulatory group for the futures industry.
Federal regulations require that annual reports be filed no later than 90 days from the close of a commodity pool's fiscal year. Annual reports give investors information about the trading performance and financial condition of the commodity pool.
Firms can get exemptions from the filing requirements, but the CFTC said that Citigroup still failed to file on time even after receiving exemptions from the NFA.
No one from Citigroup could immediately be reached for comment.