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ARTICLE · 01 NOVEMBER 2023

Breaking With Precedent—New Guidance On Future CFTC Enforcement Resolutions

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The Commodity Futures Trading Commission Division of Enforcement recently released a new advisory to its staff related to penalties, corporate compliance monitors and consultants, and admissions in CFTC enforcement actions.

United StatesFinance and Banking
Matthew B. Kulkin
Matthew B. Kulkin
Elizabeth Mitchell
Elizabeth Mitchell
Matthew Beville
Matthew Beville
Ashley E. Bashur
Ashley E. Bashur
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The Commodity Futures Trading Commission (CFTC) Division of Enforcement recently released a new advisory to its staff related to penalties, corporate compliance monitors and consultants, and admissions in CFTC enforcement actions (the Advisory).1The Advisory reflects Enforcement's focus on achieving accountability and minimizing future misconduct when negotiating a proposed resolution to recommend to the CFTC. The Advisory also applies to proposed resolutions of federal court or administrative enforcement actions.

Our key takeaways are:

  1. We expect Enforcement to recommend significantly higher penalties than have been imposed in similar actions previously, particularly in matters involving similar conduct across multiple market participants or matters involving perceived recidivism.

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