The year 2022 was a historic year for the Commodity Futures Trading Commission (“CFTC” or the “Commission”). Just four days into the new year, on January 4, 2022, Rostin Behnam was sworn in as the CFTC’s 15th Chairman. Three...more
2/3/2023
/ CFTC ,
Cryptoassets ,
Decentralized Finance (DeFi) ,
Enforcement ,
Enforcement Actions ,
Enforcement Statistics ,
New Legislation ,
No-Action Letters ,
Pending Legislation ,
Regulatory Agenda ,
Regulatory Standards
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) recently announced enforcement actions that reflected sweeping, and previously unarticulated, views of their respective...more
10/12/2022
/ CFTC ,
Decentralized Autonomous Organization (DAO) ,
Designated Contract Markets (DCMs) ,
Digital Assets ,
Enforcement Actions ,
Extraterritoriality Rules ,
Futures Commission Merchants (FCMs) ,
Initial Coin Offering (ICOs) ,
Jurisdiction ,
Regulatory Agenda ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Violations
2020 saw continuity in CFTC leadership, programs, and direction from 2019. Overall, the Commission enjoyed an unusually heavy rulemaking calendar and continued the direction of its enforcement program from 2019.
On the...more
3/2/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
CFTC ,
Civil Monetary Penalty ,
Compliance ,
Coronavirus/COVID-19 ,
Corruption ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Enforcement Authority ,
Extraterritoriality Rules ,
Foreign Corrupt Practices Act (FCPA) ,
Fraud ,
Price Manipulation ,
Regulatory Requirements ,
Relief Measures ,
Spoofing ,
Swap Dealers
On October 15, the Commodity Futures Trading Commission (CFTC or the Commission) adopted final rules imposing speculative position limits in derivative contracts referencing 25 agricultural, metals and energy commodities (the...more
On September 10, 2020, the Commodity Futures Trading Commission’s (CFTC, or the Commission) Division of Enforcement (Division) director issued a memorandum to Division staff setting forth a framework for evaluating the...more
On June 4, 2020, the Commodity Futures Trading Commission (CFTC) unanimously approved the adoption of a final rule (Final Rule) prohibiting a commodity pool operator (CPO) that has, or whose principals have, in its background...more
The Commodity Futures Trading Commission (CFTC or Commission) continues to advance its regulatory agenda amid the COVID-19 crisis. After an initial flurry of no-action letters that ameliorate compliance with a number of...more
COVID-19 has had an unprecedented effect on the securities and derivatives markets. Public companies and market participants face significant operational challenges and unpredictability, including evolving and novel...more
The Commodity Futures Trading Commission (CFTC or Commission) has issued a series of eight staff letters which will facilitate the functioning of the derivatives markets during the COVID-19 pandemic. These actions will assist...more
3/20/2020
/ CFTC ,
Coronavirus/COVID-19 ,
Designated Contract Markets (DCMs) ,
DSIO ,
Emergency Response ,
Futures Commission Merchants (FCMs) ,
National Futures Association ,
New Guidance ,
No-Action Letters ,
Relief Measures ,
SEFs ,
State of Emergency
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...more
2/3/2020
/ CFTC ,
Cooperation ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Derivatives ,
Derivatives Clearing Organizations ,
Digital Assets ,
Enforcement ,
Enforcement Actions ,
Enforcement Statistics ,
Examination Priorities ,
Family Offices ,
Foreign Corrupt Practices Act (FCPA) ,
Fraud ,
Intermediaries ,
Market Manipulation ,
Price Manipulation ,
Regulatory Oversight ,
Regulatory Standards ,
Rulemaking Process ,
Spoofing ,
Swap Clearing ,
Swaps ,
Volcker Rule
The Commodity Futures Trading Commission (CFTC or Commission) at year-end issued one final and two proposed rulemakings. The proposed rules are potentially significant for all swap market participants, and the final rules are...more
1/8/2020
/ CFTC ,
Chief Compliance Officers ,
Comment Period ,
Corporate Governance ,
Cross-Border Transactions ,
Derivatives ,
Derivatives Clearing Organizations ,
Major Swap Participants ,
Market Participants ,
Proposed Rules ,
Risk Management ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Swap Dealers ,
Swap Execution Facilities ,
Swaps
On June 21, 2019, the Securities and Exchange Commission (SEC or Commission) adopted a package of rules and rule amendments (Rules) that set forth the capital, margin and segregation requirements for security-based swap...more
7/23/2019
/ Amended Rules ,
Broker-Dealer ,
Capital Requirements ,
CFTC ,
Credit Default Swaps ,
Final Rules ,
Major Swap Participants ,
Margin Requirements ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swap Dealers ,
Swaps
Intending to bring greater transparency to the operation of its enforcement program, the Commodity Futures Trading Commission’s (CFTC or Commission) Division of Enforcement (the Division) recently, for the first time, made...more
The Commodity Futures Trading Commission (CFTC) is proposing a significant, new reporting burden on swaps reporting parties and on swaps data repositories (SDRs). The proposal would impose new requirements on SDRs to verify...more
5/23/2019
/ Central Counterparties ,
CFTC ,
Comment Period ,
Commodity Exchange Act (CEA) ,
Derivatives ,
Derivatives Clearing Organizations ,
Major Swap Participants ,
Proposed Amendments ,
Reporting Requirements ,
Swap Data Repositories ,
Swap Dealers ,
Swaps
On March 6, 2019, the Commodity Futures Trading Commission’s (Commission) Division of Enforcement (Division) released an Enforcement Advisory (Advisory) on self-reporting and cooperation for violations of the Commodity...more
On March 4, 2019, the US Commodity Futures Trading Commission (CFTC) announced a whistleblower award totaling more than $2 million to a company outsider who contributed information through independent analysis that led to a...more
On February 12, 2019, the Commodity Futures Trading Commission (CFTC or Commission) published for the first time its examination priorities for the coming year. The release of the priorities will provide legal and compliance...more
For the Commodity Futures Trading Commission (CFTC or Commission), 2018 was characterized by (1) an active enforcement program emphasizing cooperation and self-reporting, (2) increasing cross-border tension over supervision...more
2/4/2019
/ Central Counterparties ,
CFTC ,
Cooperation ,
Cross-Border ,
Dodd-Frank ,
Enforcement Actions ,
Margin Requirements ,
Regulatory Standards ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
SEFs ,
Self-Reporting ,
Spoofing ,
Swaps ,
Virtual Currency ,
Volcker Rule
Introduction: On November 30, 2018, the Southern District of New York issued an opinion reaffirming the long-standing rule that traders cannot be found liable for illegal market manipulation when their trading was motivated...more
The Commodity Futures Trading Commission (CFTC or Commission) on November 5, 2018, in a 4-1 vote, proposed to fundamentally redesign the regulatory framework governing swap execution facilities (“SEFs”) and the trade...more
Within a week of the ceremonial swearing in of its last commissioner, the now fully formed Commodity Futures Trading Commission (Commission or CFTC) issued 17 enforcement orders and filed one complaint. These initial...more
On August 28, 2018, the US Senate confirmed Dan M. Berkowitz and Dawn D. Stump to be commissioners of the US Commodity Futures Trading Commission (CFTC or Commission), returning the Commission to its full five-person...more
Summary: The Commodity Futures Trading Commission (“CFTC” or “Commission”) on June 4, 2018, in its first public meeting of the year, proposed three rule changes to the rules implementing the Dodd-Frank Wall Street Reform and...more
Introduction -
The Commodity Futures Trading Commission (CFTC or Commission) recently took several steps to further encourage cooperation with and self-reporting to the Commission’s Division of Enforcement (Division). In...more
In 2017, under the leadership of new Chairman J. Christopher Giancarlo, the Commodity Futures Trading Commission (CFTC or Commission) adopted a notable shift in its enforcement priorities and regulatory agenda. In March,...more