The Commodity Futures Trading Commission Division of Enforcement has issued an enforcement advisory that provides further clarity concerning the benefits of self-reporting and cooperation related to violations of the Commodity Exchange Act involving foreign corrupt practices. The enforcement advisory further reflects the enhanced coordination between the CFTC and other law enforcement partners domestically and abroad.
The advisory makes clear that if a company or individual not registered (or required to be registered) with the CFTC timely self-reports a violation of the Commodity Exchange Act (CEA) involving foreign corrupt practices, fully cooperates, and appropriately remediates, the CFTC Enforcement Division “will apply a presumption, absent aggravating circumstances, that it will not recommend a civil monetary penalty,” CFTC Enforcement Director James McDonald announced in remarks made on March 6 at the American Bar Association’s National Institute on White Collar Crime.
