The agency’s updated advisory for companies and first-ever guidance for individuals shed additional light on its approach for recognizing cooperation.

On January 19, 2017, the Division of Enforcement (Division) of the U.S. Commodity Futures Trading Commission (CFTC or Commission) issued two Enforcement Advisories outlining its approach for evaluating cooperation by corporations and individuals in the agency’s investigations and enforcement actions. The Division investigates and prosecutes alleged violations of the Commodity Exchange Act and Commission regulations involving registered firms and other market participants across the financial, energy, and agricultural sectors as well as other commodities markets. The new Enforcement Advisories are the first update to the CFTC’s corporate cooperation guidelines since 2007 and the Division’s first statement of its policy for cooperating individuals. In the continually evolving landscape for engaging with civil and criminal enforcement authorities, this Client Alert highlights important lessons for all parties facing the possibility of a CFTC investigation or action.