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CFTC Issues New Policy on Cooperation in Enforcement
The CFTC has released a new staff advisory outlining its approach to cooperation and self-reporting in enforcement cases, aiming to promote transparency and fair treatment.
The Commodity Futures Trading Commission (CFTC) announced a new policy through a staff advisory from its Division of Enforcement. This policy replaces previous guidelines and clarifies how the division evaluates cooperation from market participants involved in enforcement actions. The new approach encourages voluntary self-reporting, full cooperation, and timely remediation, which can lead to potential declinations of enforcement actions if certain conditions are met. The policy also details how cooperation credits are awarded, even when a respondent is ineligible for declination.
Chairman Michael S. Selig emphasized that the policy aims to improve market policing against insider trading, fraud, and other abuses by promoting prompt compliance. The division’s Director, David I. Miller, highlighted that the policy provides a clear and fair framework for market participants to understand what is required to receive cooperation credit.
This development is significant because it sets a transparent standard for enforcement practices, potentially encouraging more market participants to self-report misconduct, which can help in early detection and prevention of fraud and manipulation in derivatives markets.
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