In 2019, the Commodity Futures Trading Commission (CFTC or
Commission) experienced significant changes in leadership,
including the appointment of Dr. Heath P. Tarbert as the
Commission's 14th Chairman.
The Division of Enforcement continued to be aggressive, breaking
new ground programmatically and in the actions that it brought.
Although the Division has faced headwinds when its allegations have
been tested in court, we expect that the Division will not be
deterred from its current course by these setbacks and will
continue aggressively to administer its program.
The change in leadership also has resulted in renewed vigor in
the Commission's administrative programs, with particular
emphasis on the division's rulemaking activities. The
Commission has emphasized consolidation and codifying of prior
no-action relief and interpretative guidance, finalizing the few
remaining issues to be addressed in order to fully implement the
Dodd-Frank Act, and revisiting
