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Articles by Harris Kay
Client Alert: CFTC Issues New Enforcement Advisory Aiming to Incentivize Self-Reporting and Cooperation | JD Supra
On February 25, 2025, the Division of Enforcement (the “Division”) of the Commodity Futures Trading Commission (the “CFTC” or “Commission”) issued an Enforcement Advisory which quantifies the monetary credit that entities can expect to receive for self-reporting and cooperation in connection with Division inquiries.
Navigating the Financial Markets Regulatory Landscape: Takeaways After the TOTSA Settlement | JD Supra
CFTC resolves attempted gasoline benchmark manipulation case with a critical but encouraging dissent In the dynamic world of financial regulation, the Commodity Futures Trading Commission (CFTC) has been actively addressing market manipulation with enforcement actions to ensure market integrity. The CFTC's recent settlement involving TOTSA TotalEnergies Trading SA (TOTSA) highlights the CFTC's commitment to policing commodity futures markets and preventing market manipulation.
Navigating the Financial Markets Regulatory Landscape: Takeaways After the TOTSA Settlement
CFTC resolves attempted gasoline benchmark manipulation case with a critical but encouraging dissent In the dynamic world of financial regulation, the Commodity Futures Trading Commission (CFTC) has been actively addressing market manipulation with enforcement actions to ensure market integrity. The CFTC's recent settlement involving TOTSA TotalEnergies Trading SA (TOTSA) highlights the CFTC's commitment to policing commodity futures markets and preventing market manipulation.
CFTC Charges Trading Company With Market Manipulation And Whistleblower Protection Violations
Company allegedly manipulated derivatives prices and used NDAs to prevent employees from voluntarily communicating about potentially illegal conduct with investigators and regulators On June 17, 2024, the CFTC's Division of Enforcement announced that it had reached a settlement with Trafigura Trading LLC ("Trafigura") over allegations that the firm manipulated oil derivatives prices while discouraging employees from reporting potentially unlawful activity.
CFTC Charges Trading Company With Market Manipulation and Whistleblower Protection Violations | JD Supra
Company allegedly manipulated derivatives prices and used NDAs to prevent employees from voluntarily communicating about potentially illegal conduct with investigators and regulators On June 17, 2024, the CFTC's Division of Enforcement announced that it had reached a settlement with Trafigura Trading LLC ("Trafigura") over allegations that the firm manipulated oil derivatives prices while discouraging employees from reporting potentially unlawful activity.
CFTC Finalizes Two Sets of Reporting Requirements | JD Supra
Updated: reporting requirements for swap dealers, swap participants, and large traders in the futures and options market On April 30, 2024, in two separate releases, the Commodity Futures Trading Commission ("CFTC") announced that it has finalized amendments updating reporting requirements for market participants.
CFTC Finalizes Two Sets of Reporting Requirements
Updated: reporting requirements for swap dealers, swap participants, and large traders in the futures and options market On April 30, 2024, in two separate releases, the Commodity Futures Trading Commission ("CFTC") announced that it has finalized amendments updating reporting requirements for market participants.
CFTC Requests Comments on the Use of Artificial Intelligence | JD Supra
Regulators continue to scrutinize the use of AI in the financial services industry On January 24, 2024, the CFTC's newly formed AI Task Force announced the issuance of a request for comment (RFC) on the current and potential uses and risks of artificial intelligence (AI) in the derivatives markets the CFTC regulates. The CFTC is particularly interested in the compliance efforts in this area and included 20 questions focused on how CFTC-regulated firms use AI and mitigate AI-related risks.
CFTC Requests Comments on the Use of Artificial Intelligence
Regulators continue to scrutinize the use of AI in the financial services industry On January 24, 2024, the CFTC's newly formed AI Task Force announced the issuance of a request for comment (RFC) on the current and potential uses and risks of artificial intelligence (AI) in the derivatives markets the CFTC regulates. The CFTC is particularly interested in the compliance efforts in this area and included 20 questions focused on how CFTC-regulated firms use AI and mitigate AI-related risks.
CFTC Approves Two Rulemaking Proposals and a DCO Application | JD Supra
New rules are intended to enhance customer protection and market integrity The Commodity Futures Trading Commission ("CFTC" or "Commission") issued two proposed rules on December 18, 2023, both of which are now open for public comment. The first proposed rule would create an "Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants" ("Operational Resilience Framework").
CFTC Division of Enforcement, FY 2023: A Year in Review and Looking Ahead
Record-setting number of digital asset cases for fiscal year 2023 doubled 2022's enforcement results to more than $4.3 billion On November 7, 2023, the Division of Enforcement ("Division") of the United States Commodity Futures Trading Commission ("CFTC") released its annual report of the results of its enforcement efforts,[1] announcing that it had filed 96 enforcement actions for Fiscal Year 2023.
CFTC Proposes Guidance on Listing Voluntary Carbon Credit Derivative Contracts, Continuing Focus on Carbon Markets
The proposed guidance outlines factors relevant to compliance with the Commodity Exchange Act (CEA) and CFTC regulations On December 4, 2023 the CFTC issued proposed guidance regarding the listing of voluntary carbon credit ("VCC") derivative contracts ("Proposed Guidance").
Court Rules Digital Asset DAOs Can Be Sued by the CFTC | JD Supra
In September 2022, the Commodity Futures Trading Commission (CFTC) filed a complaint in federal district court in San Francisco against Ooki DAO, a decentralized autonomous organization (DAO), alleging violations of the Commodity Exchange Act (CEA) and CFTC Regulations. The CFTC alleged that bZeroX LLC transferred a blockchain-based software protocol to bZx DAO which renamed itself Ooki DAO.
CFTC’s Annual Enforcement Results Include Notable and Novel Cases | JD Supra
The Commodity Futures Trading Commission ("CFTC") recently released its enforcement results for Fiscal Year 2022 ("FY 2022"). In addition to detailing the recovery of over $2.5 billion in restitution, disgorgement, and civil monetary penalties, the published results also highlight a number of notable enforcement actions and trends, including novel actions in the digital asset, energy benchmarks, swap data reporting, and messaging recordkeeping areas.
CFTC Takes Aim at DAO Members in bZeroX Settlement | JD Supra
The CFTC's recent announcement of its settlement with a decentralized crypto protocol operator and its two individual founders, together with its complaint against the successor protocol, reflects a novel approach to liability in enforcement efforts in digital assets markets. The CFTC's order raises liability concerns for anyone holding or trading tokens representing membership in a decentralized autonomous organization (DAO) or founding a DAO.
State to Receive $109 Million Over Five Years in Federal Funds for Electric Vehicle Charging Stations
RALEIGH – North Carolina will receive an estimated $109 million over five years from the Federal Highway Administration for the development of electric vehicle charging stations as part of the Bipartisan Infrastructure Law, federal officials confirmed today. “Electric vehicles are growing in popularity and demand, and we need to make sure the state is ready for this shift,” said state Transportation Secretary Eric Boyette.
Guilford County All-Way Stop Coming Wednesday to Jamestown
JAMESTOWN – This week, the intersection of Kivett Drive and Riverdale Drive will be converted to an all-way stop. The intersection currently requires only traffic on Riverdale Drive to stop. The change is being implemented to improve safety. Crews will be at the intersection on Tuesday, Sept. 20 for preinstallation work. The switch will start on Wednesday, Sept. 21 at 9 a.m. and is expected to be complete by 3 p.m., weather permitting.
Town of Wallace, nine other parts of NC receive planning grants from state
RALEIGH, N.C. – Ten municipalities from across the state will receive assistance with bicycle, pedestrian and transit planning, thanks to grants awarded recently by the N.C. Department of Transportation. The NCDOT Multimodal Planning Grant program, now in its 20th year, helps North Carolina communities develop a comprehensive strategy for expanding bicycle, pedestrian and transit facilities, as well as improve the safety of the state’s transportation network for all users.
Most State Roadway Projects Halting for Holidays
Last Updated on December 21, 2021 8:56 am RALEIGH – Most state road construction projects will be suspended to help ease highway traffic for the upcoming holidays. Where possible, the N.C. Department of Transportation plans to open lanes that have been closed for construction on interstates or U.S. or N.C. highways from now through the evening of Tuesday, Dec. 28 and again from the morning of Friday, Dec. 31 through the evening of Tuesday, Jan. 4.
Applications Open for NCDOT Bicycle Helmet Initiative
RALEIGH – To reduce bicycle injuries and deaths, the N.C. Department of Transportation is encouraging people to apply to receive free bicycle helmets as part of an annual initiative the agency conducts. In its Bicycle Helmet Initiative, NCDOT’s Integrated Mobility Division uses funds from the sale of “Share the Road” specialty license plates to pay for bike helmets that are given to underprivileged children.
Harris Kay/NCDOT
News Most State Roadway Projects Halting for Holidays RALEIGH – Most state road construction projects will be suspended to help ease highway traffic for the upcoming holidays.
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