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ARTICLE · 05 DECEMBER 2025

CFTC Changes To The Wells Process And Rules Of Practice

Davis Wright Tremaine LLP
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On December 1, 2025, the U.S. Commodity Futures Trading Commission ("CFTC" or "Commission") announced amendments to its Rules of Practice and its Rules Relating to Investigations...

United StatesFinance and Banking
Elizabeth Lan Davis
Elizabeth Lan Davis

On December 1, 2025, the U.S. Commodity Futures Trading Commission ("CFTC" or "Commission") announced amendments to its Rules of Practice and its Rules Relating to Investigations, which includes notable modifications to the CFTC's Wells process. Some of the more notable amendments mirror similar changes to the SEC's Wells process recently explained by SEC Chairman Atkins in an October 2025 speech, including lengthening the period for respondents to respond to a Wells notice, and for enforcement staff to provide sufficient information for potential respondents to understand the potential charges. Both CFTC Acting Chairman Pham and SEC Chairman Atkins noted the need for accuracy, transparency, and due process in enforcement proceedings in announcing these modifications.

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