Publications
New CFTC Rules Formalize Whistleblower Regulations: Hedge Fund Employees Gain New Protections
The Hedge Fund Journal
June 2017
On May 22, 2017, the U.S. Commodity Futures Trading Commission amended and supplemented several CFTC regulations to strengthen anti-retaliation protections for whistleblowers under the Commodity Exchange Act. In this article, Holly Weiss and former Schulte lawyer Brian Daly discuss how these amendments make the CFTC’s whistleblower protections consistent with those afforded by Securities and Exchange Commission rules and reinforce the need for private fund managers that are registered as commodity pool operators or commodity trading advisors to take affirmative steps to avoid violating federal regulations regarding whistleblowing.
Related Insights
Alerts
On March 6, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the US Department of Justice (“DOJ”) and the US Department of Commerce (collectively, the “Agencies”) published their latest in a series of Tri-Seal Compliance Notes in which they emphasized that foreign-based persons have an obligation to comply with US sanctions and export controls.[1] The Compliance Note does not reflect any policy change, but serves as a reminder that the Agencies have enforced sanctions and export controls against non-US persons, and highlights that non-US firms should implement measures to mitigate their risk of violating US laws. The Compliance Note also comes just a few months after the issuance of Executive Order (“E.O.”) 14114, which authorizes OFAC to sanction foreign financial institutions that engage in significant transactions with Russia’s military-industrial sector.[2] Below, we focus on the Compliance Note’s description of transactions in which OFAC has asserted authority to bring enforcement actions against non-US persons for sanctions violations and summarize some key implications for non-US fund managers.
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
On March 6, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the US Department of Justice (“DOJ”) and the US Department of Commerce (collectively, the “Agencies”) published their latest in a series of Tri-Seal Compliance Notes in which they emphasized that foreign-based persons have an obligation to comply with US sanctions and export controls.[1] The Compliance Note does not reflect any policy change, but serves as a reminder that the Agencies have enforced sanctions and export controls against non-US persons, and highlights that non-US firms should implement measures to mitigate their risk of violating US laws. The Compliance Note also comes just a few months after the issuance of Executive Order (“E.O.”) 14114, which authorizes OFAC to sanction foreign financial institutions that engage in significant transactions with Russia’s military-industrial sector.[2] Below, we focus on the Compliance Note’s description of transactions in which OFAC has asserted authority to bring enforcement actions against non-US persons for sanctions violations and summarize some key implications for non-US fund managers.
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
On March 6, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the US Department of Justice (“DOJ”) and the US Department of Commerce (collectively, the “Agencies”) published their latest in a series of Tri-Seal Compliance Notes in which they emphasized that foreign-based persons have an obligation to comply with US sanctions and export controls.[1] The Compliance Note does not reflect any policy change, but serves as a reminder that the Agencies have enforced sanctions and export controls against non-US persons, and highlights that non-US firms should implement measures to mitigate their risk of violating US laws. The Compliance Note also comes just a few months after the issuance of Executive Order (“E.O.”) 14114, which authorizes OFAC to sanction foreign financial institutions that engage in significant transactions with Russia’s military-industrial sector.[2] Below, we focus on the Compliance Note’s description of transactions in which OFAC has asserted authority to bring enforcement actions against non-US persons for sanctions violations and summarize some key implications for non-US fund managers.