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The CFTC’s Bribery Related Enforcement Action Against Glencore

CFTC

In 2019, the U.S. Commodity Futures Trading Commission (CFTC) issued an enforcement advisory concerning companies and individuals “that timely and voluntarily disclose to the Division violations of the Commodity Exchange Act involving foreign corrupt practices, where the voluntary disclosure is followed by full cooperation and appropriate remediation.” (See here).

Some claimed that the CFTC was going to begin investigating and prosecuting Foreign Corrupt Practices Act violations. This was false as the CFTC advisory clearly concerned violations of the Commodity Exchange Act.

Shortly thereafter, Glencore disclosed that the “CFTC is investigating whether Glencore and its subsidiaries may have violated certain provisions of the Commodity Exchange Act and/or CFTC Regulations through corrupt practices in connection with commodities.”

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A Closer Look At The CFTC’s Enforcement Action Against Vitol

CFTC

As highlighted in this previous post, in early 2019 the Commodity Futures Trading Commission (CFTC) issued this enforcement advisory concerning companies and individuals “that timely and voluntarily disclose to the Division violations of the Commodity Exchange Act (CEA) involving foreign corrupt practices, where the voluntary disclosure is followed by full cooperation and appropriate remediation.”

Certain sources, including the FCPA Blog, falsely claimed that the CFTC would now be investigating and prosecuting FCPA violations. However, the CFTC advisory clearly concerned violations of the CEA. (See here for a recent FCPA Flash podcast on the topic).

Recently, in connection with the actual FCPA enforcement action against Vitol, the CFTC also brought an enforcement action against the company for its “fraudulent and manipulative conduct – including conduct relating to foreign corruption.” As stated in the CFTC’s release “this is the first action brought by the CFTC involving foreign corruption” and this post takes a closer look at the CFTC enforcement action.

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Friday Roundup

Roundup

Seeking whistleblowers, scrutiny alert, and across the pond. It’s all here in the Friday roundup.

Seeking Whistleblowers

As highlighted in this previous post, a few months ago the Commodity Futures Trading Commission issued this enforcement advisory concerning companies and individuals “that timely and voluntarily disclose to the Division violations of the Commodity Exchange Act (CEA) involving foreign corrupt practices, where the voluntary disclosure is followed by full cooperation and appropriate remediation.”

Certain sources, including the FCPA Blog, falsely claimed that the CFTC is now investigating and prosecuting FCPA violations; however the CFTC advisory clearly concerns violations of the CEA. (See here for a recent FCPA Flash podcast on the topic).

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Friday Roundup

Roundup

Scrutiny updates, more press, and for the reading stack. It’s all here in the Friday roundup.

Scrutiny Updates

Glencore

As highlighted in this prior post, in March the Commodity Futures Trading Commission issued an enforcement advisory concerning companies and individuals “that timely and voluntarily disclose to the Division violations of the Commodity Exchange Act involving foreign corrupt practices, where the voluntary disclosure is followed by full cooperation and appropriate remediation.”

Conventional wisdom was that this advisory just did not fall out of the sky, but was a reaction to something. In my own mind, that something was Glencore’s FCPA scrutiny which the company disclosed in July 2018 (see here).

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FCPA Flash Podcast – A Conversation With Laura Brookover Regarding The CFTC’s Recent Enforcement Advisory

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The FCPA Flash podcast provides in an audio format the same fresh, candid, and informed commentary about the Foreign Corrupt Practices Act and related topics as readers have come to expect from written posts on FCPA Professor.

This FCPA Flash episode is a conversation with Laura Brookover (Covington & Burling and former lawyer in the Enforcement Division of the Commodity Futures Trading Commission – CFTC). The podcast concerns the CFTC’s recent enforcement advisory concerning “violations of the Commodity Exchange Act (CEA) involving foreign corrupt practices” (see here for the prior post) and during the podcast Brookover discusses: the background of the CFTC and the CEA; why the CFTC may have issued the advisory; what type of conduct involving foreign corrupt practices could fall under the CEA; and various issues associated with CFTC enforcement actions.

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