CFTC Fine-Tunes Rules for Fairer Futures Trading Probes
Published Date: 12/3/2025
Rule
Summary
The CFTC is updating its rules to make enforcement actions clearer and fairer for everyone involved. Now, settlement offers can be accepted officially by the Commission’s order, and people who might be investigated will get written notices. These changes kick in on December 3, 2025, helping speed up processes without adding extra costs.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Response time increased to 30 days
If you are informed by the Division that you may be named in a proposed enforcement proceeding, you will have at least 30 days to submit a written statement, instead of the prior 14-day period. The Division may require a shorter period only for good cause and with approval by the Director or a Deputy Director of the Division. This change is effective December 3, 2025.
Written notice must identify charges
If the Division of Enforcement tells you you may be named in a proposed enforcement proceeding, that notice should be in writing when possible (or followed promptly by written confirmation if given orally). The written notice or confirmation must identify the specific charges the Division preliminarily intends to recommend and may refer to specific evidence supporting those allegations. These changes take effect December 3, 2025.
All written statements forwarded promptly
Under the revised procedure, any written statement submitted by a person who may be named will be forwarded to the Director, copies to the investigative staff, and—if the Division recommends commencing a proceeding—forwarded to the Commission promptly. Previously forwarding to the Commission occurred only on request. This change is effective December 3, 2025.
Settlement acceptance and memo requirements
The Commission may accept an offer of settlement by issuing an opinion and order that institutes proceedings, makes findings, and imposes remedial sanctions, whether by Commission meeting or seriatim consideration. When the Division recommends accepting a settlement, it must provide an objective recommendation memorandum that follows professional conduct rules, explains factual and legal bases, distinguishes unfavorable facts or precedents, and cites evidence or stipulations. These revisions take effect December 3, 2025.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-14509, Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Starting August 17, 2026, swap dealers and big swap players get some margin rule relief! New rules say certain new investment funds won’t have to exchange initial margin for up to three years, and more types of money market funds can now count as good collateral. Plus, the rules tweak how much value gets discounted on some assets, making it easier and cheaper to trade uncleared swaps.
2026-16876, Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0059: Part 41, Relating to Security Futures Products
The Commodity Futures Trading Commission ("Commission" or "CFTC") is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act ("PRA"), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on collection requirements relating to security futures products.
2026-16631, Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0005
The Commodity Futures Trading Commission (CFTC or Commission) is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act (PRA), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the information collections associated with the rules relating to the operations and activities of commodity pool operators (CPOs) and commodity trading advisors (CTAs) and monthly reporting by futures commission merchants.
2026-16040, Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0103, Ownership and Control Reports, Forms 102/102S, 40/40S, and 71 (Trader and Account Identification Reports)
The Commodity Futures Trading Commission (CFTC) wants to keep collecting info from traders and accounts to better track who’s who in the futures and swaps markets. They’re asking for public feedback by October 5, 2026, before renewing these reporting forms. If you’re involved in trading, this affects you, but no new fees or big changes are planned—just a smooth continuation of current rules.
2026-16074, Agency Information Collection Activities: Notice of Intent to Extend Collection 3038-0091: Disclosure and Retention of Certain Information Relating to Cleared Swaps Customer Collateral
The Commodity Futures Trading Commission ("Commission") is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act ("PRA"), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the proposed extension of the existing collection of information relating to Cleared Swaps Customer Collateral.
2026-15948, Conflicts and Affiliations
The Commodity Futures Trading Commission ("CFTC" or "Commission") is proposing new rules and amendments to its existing regulations for futures commission merchants ("FCMs"), swap execution facilities ("SEFs"), designated contract markets ("DCMs"), and derivatives clearing organizations ("DCOs") (the "Proposal"). The Proposal addresses requirements relating to financial oversight of FCMs by self-regulatory organizations ("SROs") and designated self- regulatory organizations ("DSROs"), as well as disclosure requirements by FCMs regarding affiliate relationships that an FCM has with a SEF, DCM, or DCO. For SEFs, DCMs, and DCOs, the Proposal would also establish requirements, including conflicts of interest rules, to address those registered entities' relationships with certain affiliates, such as FCM affiliates and affiliated principal trading firms. The Proposal includes guidance regarding the implementation of safeguards to protect the impartiality of SEFs, DCMs, and DCOs, including where applicable in their role as SROs or performing SRO functions with respect to certain affiliates. The guidance addresses the sharing of resources including staffing, technology, and office space, and limitations on the sharing of non-public information.
Previous / Next Documents
Previous: 2025-21812, Establishment of Class E Airspace; Buckeye, AZ
The FAA is creating new Class E airspace around Buckeye, Arizona, starting March 19, 2026. This change helps pilots fly safely using instruments, especially in bad weather, by supporting new flight procedures at Buckeye Municipal Airport. If you fly or manage flights there, expect smoother and safer skies with no extra costs involved.
Next: 2025-21909, Security Zone; Coast Guard Base San Juan, San Juan Harbor, Puerto Rico
Starting January 5, 2026, the Coast Guard is updating the security zone around their Base San Juan in Puerto Rico to keep everyone safe from possible threats. Boats and people can’t enter the area within 200 feet of the base’s water edge unless they get special permission. This change tightens security without blocking important boat traffic, so it’s a win for safety and smooth sailing!