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ARTICLE · 19 MAY 2026

CFTC Enforcement Issues A New Cooperation Policy, Replacing The Previous Enforcement Advisory

Skadden Arps Slate Meagher & Flom
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The CFTC Division of Enforcement has introduced a new cooperation policy that establishes a clear pathway to declination for entities that voluntarily self-report violations, fully cooperate with investigations, implement remediation measures, and provide restitution or disgorgement. This policy supersedes the February 2025 enforcement advisory and eliminates the previous tiered cooperation system in favor of an all-or-nothing approach to self-reporting credit.

United StatesCriminal Law
David Meister
David Meister
Chad Silverman
Chad Silverman
Peter Varlan
Peter Varlan
Tyler Flaherty
Tyler Flaherty

Executive Summary

  • What’s new: The CFTC Division of Enforcement has issued a new policy for evaluating cooperation when considering declinations or making enforcement recommendations to the Commission.
  • Why it matters: The policy supersedes the previous enforcement advisory on self-reporting, cooperation and remediation issued in February 2025. It provides parties with a path to declination if a self-report is in good faith, voluntary and the party provides appropriate remediation of the misconduct and restitution or disgorgement.
  • What to do next: Registrants and other market participants that identify noncompliance issues should consider whether to avail themselves of the benefits, including potential declination, presented by self-reporting.

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