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ARTICLE · 12 NOVEMBER 2020

CFTC Issues New Enforcement Guidance Stressing The Importance Of Proactive Cooperation

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On October 29, 2020, the US Commodity Futures Trading Commission's (CFTC) Division of Enforcement (Division) issued additional guidance to Division staff.

United StatesFinance and Banking
Matthew F. Kluchenek
Matthew F. Kluchenek
Daniel Stein
Daniel Stein
Michael Heffernan
Michael Heffernan
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On October 29, 2020, the US Commodity Futures Trading Commission's (CFTC) Division of Enforcement (Division) issued additional guidance to Division staff for considering what recommendations to make in CFTC enforcement orders regarding a person's cooperation, self-reporting and remediation.1 The guidance, which builds on the cooperation advisories issued by the Division in 2017, expressly does not change how the Division calculates a reduction of penalties. Rather, it attempts to formally sort respondents into four categories defined by the quality of the respondent's cooperation and to publicly describe which category a particular respondent is in. While falling somewhat short of complete transparency as to how a company's cooperation will affect the calculation of a penalty, the new guidance provides some additional information about how the Division evaluates a respondent's cooperation.

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