On March 16, 2022, Commodity Futures Trading Commission (“CFTC”) Chairman Rostin Behnam delivered a keynote address at the FIA Boca 2022 International Futures Industry Conference. Behnam called for a “culture of compliance” among private actors and indicated that call would be met by heightened enforcement. He underscored the agency’s focus on developments, including the emerging intersection of commodities and climate, challenges and benefits related to the rise of cryptocurrency and cloud technologies, and the prevalence of whistleblower programs in identifying and addressing fraud. Behnam also addressed regulatory shifts created by the COVID-19 pandemic and geopolitical developments, including climate change.
Benham’s speech signaled heightened reliance on whistleblower programs and emphasized enforcement related to developing technologies. Companies can proactively respond to these pronouncements by (1) ensuring their internal whistleblower programs are well-established and credible and (2) by investing in cybersecurity mechanisms. As to the first point, companies should maintain active, transparent, and comprehensive internal whistleblower programs, and conduct prompt and thorough investigations when misconduct is reported. As to the second point, the advent of cloud technologies has generated unprecedented cybersecurity risks. Accordingly, companies should take immediate action to bolster their cyber oversight and controls. In his speech, Benham called attention to...
The HYDRA Commissioner has clarified that HYDRA will not interfere with houses built in old layouts on ULC (Urban Land Ceiling) lands , nor with unregularised vacant plots in such layouts. He urge...