WilmerHale Attorneys Review Recent CFTC Enforcement Actions (Part One of Two)

The CFTC Division of Enforcement’s annual report notes that fiscal year 2020 was a “record-breaking year,” including the most enforcement actions in its history and significant recoveries. That was one of the observations made at a recent seminar sponsored by WilmerHale, offering a comprehensive look at the CFTC’s enforcement and regulatory activities over the past year. The program featured partner Elizabeth L. Mitchell; senior counsel Paul M. Architzel, who was former Chief Counsel at the CFTC Division of Economic Analysis (now the Division of Market Oversight); special counsel Petal P. Walker, who was former Chief Counsel to CFTC Commissioner Sharon Bowen; special counsel Matthew Beville; and senior associate Aaron Friedman. This first article in a two-part series reviews the portion of the program during which WilmerHale attorneys drilled down into the CFTC’s enforcement priorities, including market conduct, digital assets, foreign corruption, anti-money laundering, expectations for compliance programs, whistleblowers, coordination with other regulators and use of technology. The second article will explore the panelists’ review of the CFTC’s rulemaking affecting pandemic-related operations; speculative position limits; swap execution facilities; digital assets; derivatives clearing organizations; margin and capital requirements; commodity pool operator/commodity trading advisor matters; regulatory reporting; cross-border swaps; and security-based swap dealers. See “Anticipating SEC and CFTC Enforcement Priorities Under the Biden Administration” (Mar. 18, 2021); and “WilmerHale Attorneys Detail 2016 CFTC Enforcement Actions and Potential Priorities Under Trump Administration” (Feb. 16, 2017).

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