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CFTC Division of Enforcement Issues Public Enforcement Manual

On May 8, the Division of Enforcement (the “Division”) of the Commodity Futures Trading Commission issued its first public enforcement manual (the “Enforcement Manual”). The Enforcement Manual explains the roles of the CFTC and Division generally, and outlines certain general policies and procedures that guide the Division in its investigation and prosecution of violations of the Commodity Exchange Act (CEA) and CFTC Regulations.

In addition to its serving as a general reference for the Division staff, the Enforcement Manual also provides the general public with information regarding the Division’s operations, keeping consistent with the CFTC’s intent to increase transparency, certainty and consistency in enforcement principles.

The Enforcement Manual covers a broad array of topics, including:

  • an overview of the CFTC and CEA and the underlying regulations;

  • an overview of the Division;

  • how the Division deals with enforcement “leads;”

  • opening and conduct of preliminary inquiries and investigations;

  • commencement and conduct of litigation by the Division;

  • consideration of self-reporting, cooperation and remediation in enforcement decisions;

  • enforcement cooperation with other regulators;

  • assertion and protection of privileges and confidentiality; and

  • the CFTC’s whistleblower program.

The Enforcement Manual is available here.

 

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About this Author

Christian B. Hennion, Finance Attorney, Katten Muchin Law Firm
Associate

Christian B. Hennion concentrates his practice in financial services and asset management matters, including counseling fund managers, registered investment advisers and commodity trading advisors on both transactional and regulatory matters. Chris has advised a wide range of US and international managers, from start-ups to large institutions, regarding a variety of matters, including private fund launches and reorganizations, advisory engagements, Investment Advisers Act and Commodity Exchange Act compliance obligations, Securities and Exchange Commission (SEC) and Commodity Futures...

312-902-5521
Gregory Uffner, Financial Services Attorney, Katten Law Firm
Associate

Gregory Uffner is an associate in the Financial Services practice. 

While in law school, Gregory was an associate editor for the Moot Court Board, a member of the Fordham Urban Law Journal and served as managing editor for the Fordham Sports Law Forum.

212.940.6485
Associate

Leonard Licht is an associate in the Financial Services practice. He advises a broad range of financial market participants, including investment managers to private funds and investors in private funds. Prior to joining Katten, Lenny practiced as a corporate and securities attorney and has also worked in an analytical capacity with a family office.

While in law school, Lenny was a Heyman scholar and member of the Moot Court Honor Society.

212-940-6587