JONES DAY TALKS®: CFTC and DOJ Target Derivatives Trading Across Industries
FERC: A Discussion on its Mission, Market Manipulation Investigations, and Common Violations
On 27 August 2024, a Swiss commodity trader entered into a settlement agreement for $48 million with the US Commodity Futures Trading Commission (“CFTC”) in relation to alleged market manipulation charges. This case, rooted...more
The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more
The Department of Justice is stepping up its focus on artificial intelligence (“AI”), with officials warning that harsher penalties could be in store for those who deliberately misuse the technology to commit white collar...more
Department of Justice (DOJ) Deputy Attorney General Lisa Monaco’s March 7, 2024, speech addressed the agency’s current enforcement stance towards AI. In the speech, Monaco reiterated that there are no AI exemptions to the...more
As lawyers, corporate executives and federal law enforcement officials prepare to gather this week in San Francisco for the ABA’s 39th National Institute on White Collar Crime, we offer our takeaways from January’s Houston...more
On 16 November 2023, the Federal Energy Regulatory Commission’s (FERC or Commission) Office of Enforcement (Enforcement) released its 2023 Annual Report on Enforcement (FY2023 Report). The FY2023 Report is the 8th annual...more
With the growing use of artificial intelligence (AI) in financial markets, broker-dealers and investment advisers need to pay attention to the risks posed by AI on firms’ compliance with federal securities laws. While machine...more
The 2023 Report on FINRA’s Examination and Risk Monitoring Program was published on Jan. 10, 2023. In a statement accompanying the Report, Greg Ruppert, executive vice president of FINRA’s Member Supervision organization,...more
The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more
With steep inflation and seemingly constant disruptions in supply chains for all manner of goods, the Biden Administration has turned increasingly to antitrust authorities to tame price increases and stem future bottlenecks....more
In a long-anticipated and major enforcement action, the Justice Department and the Commodities and Futures Exchange Commission resolved a sprawling investigation with Glencore International A.G. and Glencore Ltd, a...more
The Department of Justice secured a guilty plea from NatWest Markets, the newly-named Royal Bank of Scotland, for trade manipulation, referred to as “spoofing,” in U.S. Treasury markets. The NatWest resolution reflected new...more
A recent district court order highlights the importance of maintaining a strong compliance program with effective compliance controls and practices, while highlighting the risk of employee misconduct for the enterprise...more
Investigators with the U.S. Department of Justice reportedly are investigating energy pricing benchmarks published by Platts, targeting suspected manipulation of deal prices provided by individual traders. According to...more
Upcoming Changes to Rule 10b5-1: The SEC is seeking to propose four key changes to executive stock trading plans under Rule 10b5-1 in October. Its Chairman, Gary Gensler, reported that the SEC is considering “freshen[ing]...more
Join us for a virtual roundtable discussion regarding the changing securities regulatory and enforcement landscape. The election of Joe Biden and his subsequent nomination of Gary Gensler as the next chairman of the US...more
I think the GameStop phenomenon portends a seismic shift in many areas. It may well be a turning point in markets and investments. Where it will be going, I do not think anyone knows right now but everyone needs to be...more
If anyone needed any evidence we truly are in a brave new world, the events of the past week in the stock market made clear we are anything but. If you thought that the failure of the Trump-led insurrection against the US...more
On September 29, 2020, US authorities announced that they reached an agreement with JPMorgan Chase & Co. (JPMorgan Chase) to settle criminal charges related to two distinct years-long market manipulation schemes involving...more
In the last five years, the Justice Department and the Commodities Futures Trading Commission have aggressively prosecuted “spoofing” cases. While the government’s record in these cases has been mixed, the government has...more
Addressing the Evolving Risks - Warren Buffett said that “only when the tide goes out do you discover who’s been swimming naked.” Buffett was not talking about compliance programs in a time of crisis, but his wisdom applies...more
Last fall, FERC assessed civil penalties against an electric marketer and trader for alleged market manipulation, and when the bill went unpaid asked a Federal court in California to enforce the penalties. At issue is (1)...more
Spikes in sales in high-risk countries do not translate into sustained growth and without an effective compliance program in place your company may actually lose money....more