What is a no action letter CFTC?
A no-action letter is a written statement by the staff of a Division of the Commission or its Office of the General Counsel that such staff will not recommend that the Commission commence enforcement action for failure to comply with a specific provision of the Act or Commission regulations.
Is a CFTC enforcement action a criminal action?
Criminal activity involving commodity-related instruments can result in prosecution for criminal violations of the CEA and for violations of other federal criminal statutes, including commodities fraud, mail fraud, wire fraud and conspiracy.
Who can the CFTC bring enforcement action against non registrants?
The CFTC takes enforcement actions against individuals and firms registered with the Commission, those who are engaged in commodity futures and option trading on designated domestic exchanges, and those who improperly market futures and options contracts.
What is the difference between NFA and CFTC?
When Congress created the CFTC, it simultaneously authorized the CFTC to establish registered futures associations with authority to regulate the practices of its Members. NFA is the sole registered futures association. NFA works very closely with the CFTC in all of its activities.
Is the NFA part of the CFTC?
NFA is the industrywide, self-regulatory organization for the U.S. derivatives industry. Designated by the CFTC as a registered futures association, NFA strives every day to safeguard the integrity of the derivatives markets, protect investors and ensure Members meet their regulatory responsibilities.
Who is regulated by CFTC?
What Does the CFTC Regulate? The CFTC regulates the U.S. derivatives markets. This includes the commodity futures, options, and swaps markets as well as over-the-counter (OTC) markets.
Who Must File CFTC Form 40?
Trader
Who Must File a Form 40 – Every person who holds or controls a reportable position must file a CFTC Form 40, Statement of Reporting Trader. (See section 18.04 of the regulations under the Commodity Exchange Act.) Persons include individuals, associations, partnerships, corporations, and trusts.
What powers does the CFTC have?
The Commodity Futures Trading Commission (CFTC) is an independent federal agency that regulates the derivatives markets, including futures contracts, options, and swaps, in the United States.
Does CFTC have jurisdiction over all activity that violates the Commodity Exchange Act?
To achieve this aim, the CFTC administers and enforces the Commodity Exchange Act (“CEA”) and its respective regulations. The CFTC has exclusive jurisdiction over, among others, any transaction “for the contract of sale of a commodity for future delivery,” with certain exceptions.