On May 19, 2026, the Commodity Futures Trading Commission’s (“CFTC”) Division of Enforcement (“DOE”) issued a Staff Advisory setting forth a new policy for evaluating cooperation and self-reporting when considering whether to recommend enforcement actions to the CFTC (the “Policy”). The Policy is effective immediately and supersedes the DOE’s February 25, 2025 Advisory on self-reporting, cooperation, and remediation, as well as all prior policies on these subjects. Taken as a whole, the Policy signals the DOE’s intent to create more transparent incentives for companies and individuals to self-report misconduct and cooperate with investigations. In response, market participants and registrants should consider strengthening their internal escalation and monitoring procedures so that they can evaluate the best strategy for DOE engagement regarding potential misconduct and position themselves to maximize benefits that may flow from this Policy.
