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ARTICLE · 28 SEPTEMBER 2017

New CFTC Enforcement Policy Encourages Self-Reporting

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In January of this year, the Commodity Futures Trading Commission's (CFTC or Commission) Division of Enforcement (the Division) issued revised cooperation credit guidelines for companies...

United StatesFinance and Banking
Paul M. Architzel
Paul M. Architzel
Anjan Sahni
Anjan Sahni
Yevedzo Chitiga
Yevedzo Chitiga
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In January of this year, the Commodity Futures Trading Commission's (CFTC or Commission) Division of Enforcement (the Division) issued revised cooperation credit guidelines for companies, and its first-ever cooperation guidelines for individuals (together, the January 2017 Advisories).1 Building upon the January 2017 Advisories, on September 25, 2017, James McDonald, the recently appointed director of the Division, announced significant new details regarding voluntary self-disclosures by companies and individuals seeking to cooperate. The Division simultaneously issued an updated advisory on "self-reporting and full cooperation" (the September 2017 Advisory)2 (together with Director McDonald's September 25, 2017, announcement, the Updated Self-Reporting and Cooperation Program). Specifically, the Updated Self-Reporting and Cooperation Program states that the Division will provide "substantial reductions" in civil penalties for companies that self-report wrongdoing,

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