CFTC replaces its enforcement cooperation policy with a defined path to declination

What changed

The CFTC Division of Enforcement replaced all prior cooperation advisories, including the February 2025 matrix-based self-reporting, cooperation and remediation policy. The May 2026 policy describes a potential declination path, absent aggravating circumstances, for voluntary self-reporting, full cooperation, timely remediation, and full restitution or disgorgement, and specifies cooperation credit when declination is unavailable.

Who it affects

• CFTC registrants and registered entities
• Commodity pool operators, commodity trading advisors, futures commission merchants and swap firms
• Investment advisers and funds with CFTC-regulated affiliates or activity
• Counsel handling internal investigations and CFTC disclosures

What is still open

• How the Division will apply aggravating circumstances and cooperation-credit levels in individual matters
• How referrals and parallel agency or criminal investigations will affect declination decisions

What it means for an advisor

• Replace references to the 2025 matrix and referral framework with Staff Advisory 26-15; require counsel-led analysis before self-reporting and preserve evidence of timing, cooperation, remediation, restitution and disgorgement.

Previous interpretation

The February 2025 advisory used a first-ever mitigation-credit matrix, supplemented in April 2025 by operating-division referral criteria. Staff Advisory 26-15 expressly superseded prior cooperation advisories in May 2026.