Banking Law News

CFTC to Wave Fines for Some Self-Disclosed Bribery Violations

March 6, 2019, 11:55 PM

The Commodity Futures Trading Commission will forgo certain fines against non-registered companies that self-disclose violations of the Commodity Exchange Act’s foreign corruption provisions, the regulator said March 6.

The policy allows the CFTC to apply a presumption, absent “aggravating circumstances,” that it won’t recommend civil monetary penalties for self-disclosed violations. That doesn’t apply to CFTC registrants, which already have to report similar activities, although they’re eligible for a “substantial reduction” in penalties.

Non-registrants that self-disclose will still need to pay disgorgement and restitution for the violations.

CFTC Enforcement Director James McDonald told an American Bar Association conference in New Orleans...

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