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CFTC Publishes Enforcement Policies and Procedures in New Manual

Kyle.DeYoung@cwt.com's picture
Commentary by Kyle DeYoung

The CFTC Division of Enforcement (the "Division") issued its first public Enforcement Manual (the "Manual") to provide guidance for Division staff and information about the Division's operations to the general public.

According to CFTC Director of Enforcement James M. McDonald, the Manual serves to standardize policies across the Division and provide transparency to those subject to CFTC enforcement actions. The Manual outlines how Division staff detect, investigate and prosecute any violations of the Commodity Exchange Act (CEA) and CFTC regulations. It includes a general description of how the Division conducts an investigation, handles tips, interviews witnesses, conducts a litigation and determines appropriate penalties.

Commentary

The publication of the Enforcement Manual is welcome news to those subject to the CEA  and CFTC regulations. It provides additional transparency regarding the Division's investigative process and hopefully will lead to increased consistency, predictability, and fairness in the CFTC's enforcement program.

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