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Clifford Chance

Clifford Chance

Briefings

Senior Manager Liability for Derivatives Misconduct: The Buck Stops Where?

6 February 2014

The buck, so to speak, does not necessarily stop with the individual who personally violates the U.S. Commodity Exchange Act ("CEA"), which regulates a wide array of commodities and financial derivatives trading, including swaps (in addition to traditional futures contracts and physical commodities trading) in U.S. markets or otherwise engaged in by or with any U.S. person. Rather, as illustrated by a recent court ruling permitting regulatory charges to go forward against the former CEO of MF Global, Jon Corzine, liability can extend to senior managers, even if they are not regulatory supervisors and have not culpably participated in any misconduct.

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Senior Manager Liability for Derivatives Misconduct: The Buck Stops Where?

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