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CFTC Advisory Outlines Materiality Criteria for Enforcement Referrals

On April 17, 2025, three operating divisions (the “Operating Divisions”) of the U.S. Commodity Futures Trading Commission (“CFTC”) and the Division of Enforcement (“DOE”) provided guidance in CFTC Letter 25-13 (the...more

New CFTC Advisory Incentivizes Self-Reporting, Cooperation, and Remediation

The Advisory sets out factors that the Enforcement Division will use to rate self-reporting and cooperation. This rating places a company or individual within a “tier” used to determine the Mitigation Credit amount available....more

CFTC Director of Enforcement Ian McGinley Announces Updates to Corporate and Individual Enforcement Polices

On October 17, 2023, during a speech at the Program on Corporate Compliance and Enforcement held at the New York University School of Law, the Commodity Futures Trading Commission (CFTC) Director of Enforcement, Ian McGinley,...more

Department of Justice and Commodities Futures Trading Commission Expand Crypto and Cybersecurity Teams

Overall cryptocurrency crime levels are down, according to a report from Chainalysis reviewing crypto crime trends, but this past year has still seen certain categories of crypto crime, such as ransomware, continue to...more

Insider Trading and Market Manipulation Trends and Priorities from the NYC Bar’s White-Collar Crime Institute

On May 24, 2023, Edward A. Imperatore, a partner in Morrison Foerster’s Investigations + White-Collar Defense group and former Assistant U.S. Attorney for the Southern District of New York, moderated a panel, entitled “Market...more

The Rise of Rule 10b5-1 Enforcement and How Companies Can Mitigate Risk of DOJ and SEC Actions

The U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC) have recently intensified their scrutiny of insider trading under Rule 10b5-1 trading plans. The emerging trend of enforcement investigations...more

Acquittal in CFTC’s First Insider Trading Trial: Analysis and Takeaways

On August 9, 2022, in CFTC v. EOX Holdings LLC, the first insider trading trial in a Commodity Futures Trading Commission (CFTC) enforcement action, a jury in the U.S. District Court for the Southern District of Texas found...more

CFTC Chairman Rostin Behnam Delivers Remarks at FIA International Futures Industry Conference

On March 16, 2022, Commodity Futures Trading Commission (“CFTC”) Chairman Rostin Behnam delivered a keynote address at the FIA Boca 2022 International Futures Industry Conference. Behnam called for a “culture of compliance”...more

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