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Derivatives Regulator Uses Dodd-Frank Rule to Target Foreign Bribery

December 22, 2020, The Wall Street Journal

Anne Termine spoke with The Wall Street Journal about the CFTC’s enforcement actions against Vitol, a Swiss energy firm for bribery misconduct. The Vitol settlement lays the legal foundation for future foreign corruption cases by the CFTC. While the CFTC doesn't have statutory authority to enforce antibribery laws directly, the case introduces a theory for how such conduct can lead to the manipulation and defrauding of U.S. derivatives markets. Ms. Termine says, “They've laid out a road map. The first one is critical because you want to lay out for the industry what the thinking on this is, and what the cost for doing it is.”

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