The Commodity Futures Trading Commission’s (“CFTC”) Division of Enforcement (“Division”) recently published its first public Enforcement Manual (“Manual”), which provides an overview of the CFTC and Division and describes policies and procedures that guide the work of the Division staff. The Manual serves as a reference for the Division staff in detecting, investigating and prosecuting violations of the Commodity Exchange Act and CFTC Regulations. The Manual also serves as a source of transparency, clarity and certainty for the general public with regard to Division operations. Specifically, the Manual outlines how the CFTC and Division conduct investigations, the various types of enforcement actions the CFTC and Division may bring and cooperative enforcement efforts between the CFTC and Division and criminal authorities and other federal, state or international regulators.