Introduction -

The Commodity Futures Trading Commission (CFTC or Commission) recently took several steps to further encourage cooperation with and self-reporting to the Commission’s Division of Enforcement (Division). In 2017, the Commission issued its first non-prosecution agreement (NPA) and published an Updated Advisory on Self-Reporting and Full Cooperation. Additionally, the newly appointed Director of the Division of Enforcement, James McDonald, made a number of public statements signaling that the Division was changing its approach to cooperation and self-reporting. The Updated Advisory and the Director’s statements provide useful context regarding how the Commission will assess and reward self-reporting and cooperation in future investigations and enforcement actions.

Originally published in Futures and Derivatives Law Report - January, 2018.