U.S. Commodity Futures Trading Commission

Institutional

The Commodity Futures Trading Commission (CFTC) is an independent agency of the United States government. It is also one of the financial regulators of the United States. Its primary responsibility is to regulate Commodity Futures, options and financial Futures and options markets.

Institutional History:

The Commodity Futures Trading Commission (CFTC) was established in 1974 and is headquartered in Washington.

Regulatory Functions:

Protect market participants and the public from fraud, market manipulation and improper business practices related to commodity and financial futures and options, and safeguard the open, competitive and financially reliable futures and options markets.

Regulatory Objectives/Scope:

The mission of the U.S. CFTC is to foster open, transparent, competitive, and financially sound markets.In its efforts to avoid systemic risk, the CFTC aims to protect market users and their funds, consumers, and the public from fraud, manipulation, and abuse related to derivatives and other products subject to the Commodity Exchange Act (CEA).

The agency supervises a variety of individuals and organizations.These institutions include swap executors, derivatives clearing houses, designated contract markets, swap data repositories, swap dealers, futures dealers, commodity fund managers and other entities.

Contact:

E-mail: Questions@cftc.gov.consumers@cftc.gov.

Telephone: 001 866-366-2382/001 202-418-5000/001 202-418-5000

Fax: 202-418-5521

Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581

Regulatory Framework: Commodity Exchange Act, CFTC Regulations.

Capital Isolation: yes, the company's own funds and customer funds need to be separated.

Account Opening for Overseas Customers: Yes.

Report Requirements: Yes, monthly financial data statements, etc.

Record Requirements: Yes, the relevant transaction records of each customer.

After registering as an FCMs, foreign exchange dealers are required to submit their financial data statements to CFTC every month. The CFTC publishes this data sheet on its website at the beginning of each month. 

We can use this form to judge whether a trader for currency traders, the following is the data table to download address: https://www.cftc.gov/MarketReports/financialfcmdata/index.htm

When you have disputes with a CFTC-regulated broker, you can proceed the following ways:

Complainant inquiries dealer registration information -- dealer's alleged illegal or illegal activity -- complainant selects type of complaint proceeding -- complainant files a complaint -- CFTC inspection complaint -- CFTC appoints a judge -- evidence: discovery phase, resolution phase, complaint or review of preliminary decision -- cash award -- counterclaim

Complainant must first check dealer registration information:

Before making a complaint, please check whether the object of the complaint is registered with CFTC. There are two ways to inquire:

1. The background of the NFA's state information center, BASIC: https://www.nfa.futures.org/BasicNet/ 

2. Check Office of Proceedings by email: proceedings@cftc.gov

Types of alleged irregularities or illegal activities by dealers:

1. Fraud - deceiving or trying to deceive you by making false claims about the possibility of profits and losses;False or misleading statements regarding the Transaction or your sales personnel, consultants, or the Transaction Program used by you;Or any other false or misleading statement of material fact on which you relied in making a decision relating to a futures or options transaction.

2. Breach of fiduciary duty -- A broker or salesperson does not act with special care in handling your account, as required by the Commodity Exchange Act or the Commodity Futures Trading Commission.

3. Unauthorized Trading -- A transaction made by a broker without your prior specific authorization or written authorization.

4. Misappropriation - Unauthorized use or misappropriation by a broker of funds you have deposited to trade futures or options.

5. Over-trading -- Over-trading your account in order to earn commissions without considering your financial interests.

6. Improper Liquidation -- Unauthorized closing of your position.

7. Failure to monitor -- The supervisor failed to successfully monitor the treatment of your account by the administrator's partners, administrators, employees and agents.

8. Failure to disclose -- Failure to disclose the risks associated with futures and options trading;Failure to disclose any other material facts necessary to make a decision about a futures or options transaction.

Type of indemnity procedure chosen by the complainant:

Before filing a complaint, you must select the type of indemnity procedure. There are three types:

(1) Voluntary - can be used for any amount of claim

(2) Summary procedure - claims of $30,000 or less

(3) Formal Procedure - Claims in excess of $30,000

Submit a complaint:

When you are ready to file a complaint:

1. Complete the CFTC Claims Complaint Form (Form 30).

2. Review the Claims Complaint List to confirm that you have prepared all the necessary information for your complaint.

3. Prepare a complaint filing fee.

4. After completing the form and paying the fee, send it in person or by post to the following address (preferably certified or registered mail) :

Commodity Futures Trading Commission

Office of Proceedings

1155 21st Street, N.W.

Washington, DC 20581

Note:

1. Compensation Complaint Form (Form 30)： https://www.cftc.gov/sites/default/files/idc/groups/public/%40cpdisciplinaryhistory/documents/file/Form%2030%20-%20with%20OMB%20Control%20No.%20%20Feb%202018.pdf 

2. List of compensation complaints： https://www.cftc.gov/sites/default/files/idc/groups/public/@cpdisciplinaryhistory/documents/file/complainantchecklist.pdf 

Information that must be included in the complaint:

1. Information about you - Complainant's full name, address, telephone number, email and fax number.

2. Information about the subject of the complaint - name, address and telephone number (if known) of the subject of the complaint.

3. Facts -- statements of fact that support your claim of wrongdoing;Attach any documents that support or explain your claim, such as account forms and transaction statements.

4. Statement of Liability - Explain why each defendant you name should be held liable.Any respondent who fails to describe his responsibilities or involvement may be dismissed.

5. Damage Calculation - the amount of damage you claim and a brief explanation of how you calculated the damage.The amount of your claim cannot be adjusted after the case has been forwarded to trial unless the judge has given permission.See how losses are calculated.

6. Declaration of parallel action - a declaration that no arbitration or civil court action is pending, based on the same facts and including the same respondent that you designate.

7. Bankruptcy or receivership statement - a statement indicating to your knowledge whether any interviewee is engaged in bankruptcy or receivership proceedings.

8. Verification - State that the facts stated in your complaint are based on your knowledge, beliefs and information.Notarized compensation is not required if you sign a compensation complaint form or include a verification statement with a description of the complaint.Your validation statement should look like this:

"I hereby confirm (as punishable by law) that, to the best of my knowledge, the facts contained in this complaint are known or believed to be true."

9. Continue to Select and Filing Fees - You must select the type of action and submit the appropriate filing fee when you file your complaint.

Application Fee - The application fee or draft should be paid to the Commodity Futures Trading Commission (CFTC).