In an effort to achieve “regulatory consistency, transparency and clarity,” the CFTC Division of Enforcement (Division) has issued an Enforcement Advisory (Advisory) with guidance to CFTC enforcement staff on evaluating a person’s self-reporting, cooperation and remediation when recommending enforcement actions to the Commission. The Advisory, which supersedes all prior guidance on the subject, also sets forth factors the Division will consider in deciding whether to reduce proposed penalties in cases in which there has been self-reporting, cooperation and remediation. This article parses the Advisory and the associated statements of CFTC leaders, with commentary from former CFTC attorney Elizabeth Lan Davis, now a partner at Davis Wright Tremaine LLP. See “SEC and CFTC 2024 Enforcement Results: Record-High Financial Remedies Across Fewer Actions” (Jan. 30, 2025); and “What’s Next for the SEC and CFTC? A Look at the Latest Reg Flex Agendas” (Aug. 15, 2024).