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Statement of @CFTCjohnson on the Enforcement Advisory on Self-Reporting, Cooperation and Remediation: https://t.co/OesKOd6zNW
In today's Morning Risk Report: Trump’s pick for SEC chairman was Wall Street’s expert for hire, and the CFTC offers new incentives for companies to report their own wrongdoing https://t.co/CS7F0YqwKo
CFTC Offers New Incentives for Companies to Report Their Own Wrongdoing This is a good thing @CarolineDPham Always thought it was nuts that if if a firm found a problem & told regulator, they would punish firm almost has much as if they didn't report https://t.co/Sq6fpyjghd
Paul Atkins has been nominated by President Trump to serve as the next chairman of the Securities and Exchange Commission (SEC). Atkins is known for his extensive career in dealing with regulators, often in an adversarial role. Concurrently, the Commodity Futures Trading Commission (CFTC) has released an enforcement advisory aimed at encouraging companies to self-report misconduct. This advisory outlines the benefits available to firms that voluntarily disclose wrongdoing, marking a shift in the CFTC's approach to enforcement. The CFTC will now evaluate the cooperation and self-reporting of companies or individuals before imposing fines, indicating a more lenient stance for those who proactively address their violations. This change has been welcomed by industry observers who believe it promotes accountability without excessive penalties for self-reporting.