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.
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