How New Penalties Transparency May Help CFTC Defendants

Law360 (September 3, 2020, 5:16 PM EDT) -- The U.S. Commodity Futures Trading Commission recently issued new guidance regarding how it calculates civil monetary penalties imposed in CFTC enforcement actions. The guidance takes the form of updates to the CFTC's enforcement manual regarding the factors the CFTC considers when calculating penalties.

Significantly, the enforcement manual now specifically directs CFTC staff to consider penalties imposed by other agencies pursuing parallel enforcement actions against the defendant for related conduct. This is the latest in a string of recent developments from the CFTC aimed at increasing the transparency of how the agency brings enforcement actions.

While questions remain regarding how the new...

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