United States CFTC Releases Enforcement Classification & Mitigation Credit Matrix from 0% for No-Self Reporting to 55% for Exemplary Self-Reporting & Cooperation
1st March 2025 | Hong Kong
The United States Commodity Futures Trading Commission (CFTC) has released enforcement classification & mitigation credit matrix from 0% for no-self reporting to 55% for exemplary self-reporting & cooperation. United States CFTC (25/2/25): “The Commodity Futures Trading Commission’s Division of Enforcement today issued an advisory on how the Division will evaluate a company’s or individual’s self-reporting, cooperation, and remediation when recommending enforcement actions to the Commission and establishes the factors the Division will consider. This marks the first time the Division will use a matrix to determine the appropriate mitigation credit to apply. The advisory provides fair notice to the public and guidance that is designed to ensure due process in the Division’s investigations and enforcement actions. Specifically, the advisory details the framework the Division will use to assess self-reporting, cooperation, and remediation in investigations and enforcement actions: 1) Self-Reporting: The Division will evaluate self-reporting on a three-tier scale: No Self-Report; Satisfactory Self-Report; and Exemplary Self-Report. To receive full credit, disclosures must be voluntary, made to the Commission, made in a timely manner, and complete. Reports can be made to either the Division of Enforcement or to one of the Commission’s other Divisions with oversight responsibility. The Division of Enforcement will provide a safe harbor for good faith self-reporting if any inaccurate information in the self-report or voluntary disclosure is supplemented and corrected promptly after discovery of the inaccurate information. 2) Cooperation and Remediation: The Division will evaluate cooperation on a four-tier scale: No Cooperation; Satisfactory Cooperation; Excellent Cooperation; and Exemplary Cooperation. The Division will evaluate remediation as a part of its evaluation of cooperation and consider whether a party engaged in substantial efforts to prevent a future violation. Other CFTC Divisions will be involved in the assessment of remediation. In some cases, a compliance monitor or consultant may be recommended to ensure the completion of undertakings. The advisory also provides examples of uncooperative conduct. 3) Mitigation Credit Matrix: The advisory includes a Mitigation Credit Matrix describing the presumptive mitigation credit—as a percentage of the Division’s initial calculation of the civil monetary penalty—that a party may be eligible for if that party has self-reported and/or cooperated. The presumptive Mitigation Credit ranges from 0% for no self-report and no cooperation to 55% for an exemplary self-report and exemplary cooperation. The Division retains the discretion to deviate from the Mitigation Credit Matrix given the unique facts and circumstances of a particular case.”
“ United States CFTC Releases Enforcement Classification & Mitigation Credit Matrix from 0% for No-Self Reporting to 55% for Exemplary Self-Reporting & Cooperation “
United States CFTC Releases Enforcement Classification & Mitigation Credit Matrix from 0% for No-Self Reporting to 55% for Exemplary Self-Reporting & Cooperation
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