Page 25 - 期货和衍生品行业监管动态（2023年6月刊）

期货和衍生品行业监管动态

of these markets, as well as its ability to identify and pursue any potential fraud or

abusive practices,” said Chairman Rostin Behnam. “Information from whistleblowers

advances the Commission’s enforcement mission and, in turn, further builds integrity
and trust in the carbon markets by rooting out fraud and manipulation.”

As described in the alert, the CFTC’s Whistleblower Office will work with market

participants that report information related to potential fraud in the carbon markets

including, but not limited to, manipulative and wash trading, “ghost” credits, double

counting, fraudulent statements relating to material terms of the carbon credits, and

potential manipulation of tokenized carbon markets. Individuals who submit such

information through the CFTC’s Whistleblower Program may be eligible for certain

confidentiality and anti-retaliation protections, as well as monetary awards if that

information leads to the success of a CFTC enforcement action.

“As carbon credit markets continue to grow, we will act to foster the integrity of

these markets by fighting fraud and manipulation,” said Ian McGinley, Director of the

Division of Enforcement. “Whistleblowers are invaluable allies in these efforts. We

will diligently investigate all credible tips and complaints from whistleblowers relating
to carbon credit markets.”

Background

The voluntary carbon credit market is currently estimated to be $2 billion and is

forecasted to grow to $250 billion by 2050, according to the Morgan Stanley Research

paper Carbon Offset Market Trends and Growth 2050. Carbon credits are the

underlying commodity for futures contracts that are listed on CFTC designated contract

markets (DCMs). The CFTC has enforcement authority and regulatory oversight over

DCMs and any trading in those markets. The CFTC also has anti-fraud and anti-

manipulation enforcement authority over the related spot markets for carbon credits.

The CFTC’s jurisdiction also applies to carbon allowances and other environmental

commodities products that are linked to futures contracts.

https://www.cftc.gov/PressRoom/PressReleases/8723-23

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