Page 49 - 期货和衍生品行业监管动态（2023年10月刊）

期货和衍生品行业监管动态

“Accountability and minimizing future misconduct are important Commission and

Division objectives. We cannot keep seeing the same entities before us with the same

problems.,” said Enforcement Director Ian McGinley. “This advisory provides staff the

guidance to achieve these objectives and enables the public to understand how the

Division will operate.

Specifically, the advisory gives staff guidance on the following topics:

 Deterring Misconduct Through Appropriate Penalties: The Division is

recalibrating how it is assessing proposed CMPs to ensure the CMPs are at

the level necessary to achieve general and specific deterrence, which may

result in the Division recommending higher penalties in resolutions than may

have been imposed in similar cases previously. The advisory also notes the

Division will factor recidivism in determining appropriate penalties to

recommend to the Commission and details several of the factors the Division

will consider in determining whether a person or entity is a recidivist.

 Monitors and Consultants – Ensuring Remediation to Reduce Likelihood

of Future Misconduct: The Division notes that in cases where it lacks

confidence that an entity will remediate misconduct on its own, it will require

the resolving entity to engage a third-party approved by the Division to assist

in remediation. This will include Monitors—third parties engaged to make

recommendations, test those recommendation, and report on the results of

their work to the Division—and Consultants, third parties to advise the

entities regarding compliance enhancements. Going forward, the Division

anticipates recommending to the Commission that a Monitor be imposed in

cases involving the most significant and/or pervasive compliance and control

failures reflecting a lack of sufficient commitment to effective compliance,

and a Consultant will be recommended in serious but less severe cases.

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