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USA: CFTC Division issues civil monetary penalty guidance

The Commodity Futures Trading Commission announced, on 20 May 2020, that the Division of Enforcement ('the Division') had issued new guidance outlining the factors it considers in recommending civil monetary penalties and incorporated it into the Division's enforcement manual ('the Enforcement Manual'). In particular, the Enforcement Manual outlines the Division's three-pronged approach to evaluate the appropriate penalties which includes consideration of the gravity of the violation, mitigating and aggravating circumstances, and other considerations. In addition, the Enforcement Manual outlines the procedures for the full lifecycle of investigations on a number of topics such as Bank Secrecy Act violations and the CFTC's whistleblower protection program.

You can read the press release here and download the Enforcement Manual here.