The Division of Enforcement (Division) of the CFTC recently published an enforcement manual (Manual) that provides an overview of the Division’s operations; a discussion of its investigative tools; and a roadmap to the prosecution and settlement of enforcement proceedings. This article outlines the portions of the Manual most relevant to private fund managers that are registered with the CFTC. For commentary from CFTC Director of Enforcement James M. McDonald, see “Newly Revealed CFTC Self-Reporting and Cooperation Regime Could Offer Benefits to Fund Managers, or Lead to Increased Enforcement” (Oct. 19, 2017).