Page 19 - 期货和衍生品行业监管动态（2025年12月）

期货和衍生品行业监管动态

为执法部建议 CFTC 接受和解申请时，向 CFTC 提交的建议备忘录格式确立特定

要求；（5）修订第 11 部分附录 A，详细说明当执法部选择告知可能被列入执法

程序的人员对其指控性质时的程序（Wells 通知），以及相关人员向执法部提交书

面答复（Wells 陈述材料）时应遵循的程序，包括将答复时间从先前附录 A 规定

的 14 天延长至不少于 30 天。

修订后的规则将在《联邦公报》公布之日起生效。

Acting Chairman Pham Announces Reforms to Wells Process, Amends Rules of

Practice and Rules Relating to Investigations (2025/12/1)

Commodity Futures Trading Commission Acting Chairman Caroline D. Pham

today announced the Commission is amending its Rules of Practice and its Rules

Relating to Investigations. The amended Rules of Practice enhance the transparency

of the Commission’s enforcement actions, including changes to ensure an accurate

and complete administrative record by improving internal memoranda to the

Commission when the Division of Enforcement recommends an enforcement action.

The amended Rules Relating to Investigations enhance due process when the Division

of Enforcement notifies persons who may be named in an enforcement action (Wells

process), ensuring that notice of potential charges and relevant facts supporting the
allegations are provided.

“As I have said before, the CFTC has nearly boundless discretion to investigate

and prosecute violations of the law, and our sanctions and penalties are rarely

challenged. That is why, for over 3 years, I have called for the CFTC to uphold the

highest standards of integrity, diligence and excellence in our enforcement actions to

maintain the public’s trust in the CFTC’s ability to oversee our markets with fairness

and in service to justice. Today, I am announcing improvements to our CFTC Rules of

Practice and Rules Relating to Investigations to make much-needed reforms to our

enforcement program and the Wells process,” Acting Chairman Pham said. “These

reforms ensure due process, such as providing a proper Wells notice and discontinuing

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