The CFTC’s promise of no-penalty enforcement actions might not be enough to convince companies to come forward and disclose foreign bribery linked to commodities law violations.

For companies caught or reporting bribing foreign officials, the U.S. derivatives regulator is likely to be the least of their worries, said Jason Jones, partner at King & Spalding LLP in Washington.

The Justice Department and Securities and Exchange Commission are already vigorous enforcers of the Foreign Corrupt Practices Act with the ability to impose “potentially existential penalties,” said Jones, who focuses on white collar criminal defense and governmental investigations.

“I don’t see how...