CFTC enforcement head talks steep path to self-reporting credit
By 
Kyle Brasseur2024-04-11T20:32:00
Earning self-reporting credit from the Commodity Futures Trading Commission (CFTC) is no simple task, the agency’s enforcement director conceded.
Voluntary self-disclosure is only the first step, Ian McGinley reminded an audience of legal experts during a keynote address delivered at an industry event Thursday. From there, a firm must cooperate and remediate as well for the chance to earn full credit from the agency.
“Self-reporting, cooperation, and remediation implicate the importance of trust in these negotiations, which is a two-way street—the regulator’s reliance on the entity to be truthful and fully cooperative and the entity’s reliance on the regulator to account for the self-report in good faith,” he said.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
ArticleDOJ wants less monitoring, more self-disclosure and fine reductions, Galeotti says
The Criminal Division of the Department of Justice, continuing its aggressive, pro-business stance, has revamped key, white-collar crime enforcement policies, including clarifying fine reductions in its self-disclosure program and curbing its use of monitorships.
-
PremiumCFTC first agency to describe self-reporting credit under Trump
The CFTC issued new guidance for firms seeking to self-report misconduct, accompanied by a “mitigation credit index” that details how “exemplary” cooperation and remediation can knock up to 55 percent off the final penalty. The agency is the first enforcement agency to issue self-reporting guidance under President Donald Trump.
-
News BriefDOJ pilot floats NPAs for whistleblowers involved in corporate misconduct
The Department of Justice launched a new pilot program that encourages voluntary self-disclosure by corporate executives who are themselves involved in financial misconduct, with the incentive of a nonprosecution agreement for those who help an agency investigation.
More from Regulatory Enforcement
-
ArticleFrench investigators target anticompetitive practices in largest accounting firms
Major accountancy firms in France are under investigation for anti-competitive practices. The French competition watchdog embarked on a series of “unannounced inspections” and removed documents relating to audit and reporting on Jan. 13.
-
ArticleEU investigation into Grok may expose problems with DSA rather than compliance failings
The European Commission has launched a formal investigation against Elon Musk’s X under the Digital Services Act over fears that its AI tool Grok may be producing and disseminating illegal material.
-
ArticleFormer ADM execs inflated operating profits, SEC alleges
Three former executives at Archer-Daniels-Midland intentionally misled investors by inflating the performance of the company’s Nutrition unit, the U.S. Securities and Exchange Commission has alleged.