The CFTC Division of Enforcement (the "Division") reported on key metrics from the past year, including the number of cases filed and the amount of relief provided.
In its 2020 Annual Report, the Division reported:
- the filing of 113 enforcement actions, the largest number of enforcement actions in CFTC history;
- awards of more than $1.3 billion in monetary relief, representing the fourth-highest total of monetary relief in CFTC history;
- significant filings of spoofing-related enforcement actions;
- that 65 percent of all enforcement action cases involved commodities fraud, manipulative conduct and/or spoofing-related charges (described by the Division as some of the most "pernicious" forms of market misconduct);
- the filing of 56 retail fraud actions, the most in CFTC history; and
- approximately 140 pending litigation cases.
Commentary
The CFTC's enforcement program's results are particularly impressive considering that it managed to achieve them in a year significantly impacted by the COVID-19 pandemic. In addition to reporting its fiscal year 2020 results, the report also reiterated the CFTC's commitment to its four core enforcement priorities going forward: (1) preserving market integrity; (2) protecting customers; (3) promoting individual accountability; and (4) coordinating with other regulators and criminal authorities. Given these goals, we should expect to see a continuation of the CFTC's active and coordinated enforcement efforts, even with the upcoming change in administrations.
Primary Sources
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.