On May 8, 2019, the Commodity Futures Trading Commission’s
(“CFTC”) Division of Enforcement (“DOE”)
issued its Enforcement Manual (“Manual”) to the general
public for the first time. Although the Manual does not create any
rights or announce any new policies, it is the first time the CFTC
has published its procedures for investigating potential violations
of the Commodity Exchange Act (“CEA”), the CFTC
Regulations and bringing enforcement actions in one comprehensive
manual. It will serve as a valuable resource going forward for
compliance officers, entities, and individuals subject to the
CFTC’s regulation of the U.S. derivative markets. As CFTC
Director of Enforcement James McDonald stated, the Manual
“aims to increase the level of clarity and
transparency” in CFTC enforcement policies, which
“should promote fairness, increase predictability, and
enhance respect for the rule of law.” In that sense, the
Manual resembles the enforcement manual promulgated by
