In 2019, the Commodity Futures Trading Commission (CFTC or Commission) experienced significant changes in leadership, including the appointment of Dr. Heath P. Tarbert as the Commission's 14th Chairman.  

The Division of Enforcement continued to be aggressive, breaking new ground programmatically and in the actions that it brought. Although the Division has faced headwinds when its allegations have been tested in court, we expect that the Division will not be deterred from its current course by these setbacks and will continue aggressively to administer its program. 

The change in leadership also has resulted in renewed vigor in the Commission's administrative programs, with particular emphasis on the division's rulemaking activities. The Commission has emphasized consolidation and codifying of prior no-action relief and interpretative guidance, finalizing the few remaining issues to be addressed in order to fully implement the Dodd-Frank Act,  and revisiting particular, and limited, issues arising from its rules regulating the swaps markets.

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