The CFTC Division of Enforcement "set forth" guidance for staff to consider when recommending civil monetary penalties in an enforcement action. The guidance will be included in the CFTC Enforcement Manual.
The CFTC proposal to codify the agency's process for terminating exemptive relief granted to non-U.S. firms to offer non-U.S. futures and options directly to U.S. customers was published in the Federal Register.
CFTC Division of Enforcement Director James McDonald pledged to enforce Commodity Exchange Act provisions that encompass foreign corrupt practices and issued an "Enforcement Advisory" on cooperation and self-reporting in such cases.
CFTC Enforcement Director James M. McDonald described the guiding priorities for the Division's enforcement program. He said the program is intended to have broad "social impact" and promote a "culture of compliance."
CFTC Chair J. Christopher Giancarlo reasserted the "obligation of futures exchanges to ensure that virtual currency futures are not susceptible to manipulation, and of futures clearinghouses to ensure that such products are adequately risk managed."
CME Group, CBOE Futures Exchange and the Cantor Exchange have "self-certified" new bitcoin products. The CFTC released a fact sheet on the process and promised cooperation with the NFA in monitoring bitcoin futures-related activity.
CFTC Commissioner Brian Quintenz discussed the implications of listing bitcoin futures products, keeping pace with technological developments and the importance of international regulatory cooperation.