The Office of the Superintendent of Financial Institutions has terminated its agreement with CIBC, imposing various conditions, related to the bank’s involvement with Enron Corp.

The agreement, terminated as of Dec. 22, was entered into back in 2003, after the Superintendent and the Federal Reserve Bank of New York became “concerned that the manner in which CIBC and some of its subsidiaries and banking offices participated in complex structured finance transactions with Enron exposed them to significant risks.” The regulators also worried that CIBC, “may not have adequately assessed the goals, purposes, and results of those transactions and their potential risks.”

CIBC entered into an agreement on Dec. 22, 2003 with the U.S. Department of Justice, and the agreement with OSFI and the Reserve Bank addressed, “the particular activities engaged in, by and between, CIBC and Enron in the United States that are the subject of the DOJ Agreement and are thus requiring CIBC to adopt and implement the specific new policies and procedures relating to the integrity of client and counterparty financial statements and quarter-end and yearend transactions.”