The Commodity Futures Trading Commission has issued a staff advisory setting out the Division of Enforcement’s new policy on cooperation, replacing all prior advisories on the subject. The policy creates a route to a potential declination, absent aggravating circumstances, for respondents that voluntarily self-report, fully cooperate, undertake timely and appropriate remediation, and provide full restitution and or disgorgement. The advisory also explains how the division will evaluate cooperation and self-reporting and what level of cooperation credit may be available when a respondent does not qualify for a declination. The CFTC presented the update as a simplified and more transparent framework intended to clarify the requirements for obtaining credit in enforcement matters involving insider trading, fraud, manipulation, and other market abuse.
Commodity Futures Trading Commission issues new enforcement cooperation policy with potential declinations for voluntary self reporting
The Commodity Futures Trading Commission issued a staff advisory outlining the Division of Enforcement’s new cooperation policy, which replaces prior advisories and introduces a potential declination route for respondents that voluntarily self-report, fully cooperate, remediate, and provide restitution or disgorgement. The advisory details how the division will assess cooperation and self-reporting and clarifies the levels of cooperation credit available in enforcement matters involving insider trading, fraud, manipulation, and other market abuse.