This section of the FEDERAL REGISTER

contains regulatory documents having general

applicability and legal effect, most of which

are keyed to and codified in the Code of

Federal Regulations, which is published under

50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by

the Superintendent of Documents.

Rules and Regulations Federal Register

8111 

Vol. 90, No. 15 

Friday, January 24, 2025 

1The FCPIAA, Public Law 101–410 (1990), as 

amended, is codified at 28 U.S.C. 2461 note. The 

FCPIAA states the purpose of the FCPIAA is to 

establish a mechanism that shall (1) allow for 

regular adjustment for inflation of civil monetary 

penalties; (2) maintain the deterrent effect of civil 

monetary penalties and promote compliance with 

the law; and (3) improve the collection by the 

Federal Government of civil monetary penalties. 

2For the relevant CMPs within the Commission’s 

jurisdiction, the Act provides only for maximum 

amounts that can be assessed for each violation of 

the Act or the rules, regulations and orders 

promulgated thereunder; the Act does not set forth 

any minimum penalties. Therefore, the remainder 

of this release will refer only to CMP maximums. 

3Federal Civil Penalties Inflation Adjustment Act 

Improvements Act of 2015, Public Law 114–74, 129 

Stat. 584 (2015) (2015 Act), title VII, Section 701. 

4FCPIAA Sections 4 and 5. See also, Adjustment 

of Civil Monetary Penalties for Inflation, 81 FR 

41435 (June 27, 2016). 

5FCPIAA Sections 4 and 5. See also, Executive 

Office of the President, Office of Management and 

Budget Memorandum, M–25–02, Implementation of 

Penalty Inflation Adjustments for 2025 (Dec. 17, 

2024) (2024 OMB Guidance) (https://

www.whitehouse.gov/wp-content/uploads/2024/12/ 

M-25-02.pdf). 

6FCPIAA Section 3(2). 

7 7 U.S.C. 9, 13a, 13a–1, 13b. Criminal authorities 

may also seek fines for criminal violations of the 

CEA (see 7 U.S.C. 13, 13(c), 13(d), 13(e), and 13b). 

The FCPIA does not affect the amounts of these 

criminal penalties. 

8FCPIAA Sections 4 and 5. 

9FCPIAA Section 5(b)(1). 

10The CPI–U is published by the Department of 

Labor. Interested parties may find the relevant 

Consumer Price Index on the internet. To access 

this information, go to the Consumer Price Index 

Home Page at: http://www.bls.gov/cpi/. Click the 

heading ‘‘CPI Data’’ then the subheading 

‘‘Databases’’, and select ‘‘All Urban Consumers 

(Current Series)’’, ‘‘Top Picks.’’ Then check the box 

for ‘‘U.S. city average, All items—CUUR0000SA0’’, 

and click the ‘‘Retrieve data’’ button. 

11FCPIAA Section 5(a). See also, 2024 OMB 

Guidance at 1. 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Part 143 

RIN 3038–AF41 

Annual Adjustment of Civil Monetary 

Penalties To Reflect Inflation—2025 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Final rule. 

SUMMARY: The Commodity Futures 

Trading Commission (Commission) is 

amending its rule that governs the 

maximum amount of civil monetary 

penalties imposed under the 

Commodity Exchange Act (CEA), to 

adjust for inflation. This rule sets forth 

the maximum, inflation-adjusted dollar 

amount for civil monetary penalties 

(CMPs) assessable for violations of the 

CEA and Commission rules, regulations 

and orders thereunder. The rule, as 

amended, implements the Federal Civil 

Penalties Inflation Adjustment Act of 

1990, as amended. 

DATES: This rule is effective on January 

24, 2025 and is applicable to penalties 

assessed after January 15, 2025. 

FOR FURTHER INFORMATION CONTACT: 

Edward J. Riccobene, Associate Chief 

Counsel, Division of Enforcement, at 

(202) 418–5327 or ericcobene@cftc.gov, 

Commodity Futures Trading 

Commission, 1155 21st Street NW, 

Washington, DC 20581. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Federal Civil Penalties Inflation 

Adjustment Act of 1990 (FCPIAA) 1

requires the head of each Federal agency 

to periodically adjust for inflation the 

minimum and maximum amount of 

CMPs provided by law within the 

jurisdiction of that agency.2 A 2015 

amendment to the FCPIAA 3 required 

agencies to make an initial ‘‘catch-up’’ 

adjustment to its civil monetary 

penalties effective no later than August 

1, 2016.4 For every year thereafter 

effective not later than January 15th, the 

FCPIAA, as amended, requires agencies 

to make annual adjustments for 

inflation, with guidance from the 

Director of the Office of Management 

and Budget.5

II. Commodity Exchange Act Civil 

Monetary Penalties 

The following sections of the CEA 

provide for CMPs that meet the FCPIAA 

definition 6 and these CMPs are, 

therefore, subject to the inflation 

adjustment: Sections 6(c), 6(d), 6b, and 

6c of the CEA.7

III. Annual Inflation Adjustment for 

Commodity Exchange Act Civil 

Monetary Penalties 

A. Methodology 

The FCPIAA annual inflation 

adjustment, in the context of the CFTC’s 

CMPs, is determined by increasing the 

maximum penalty by a ‘‘cost-of-living 

adjustment’’, rounded to the nearest 

multiple of one dollar.8 Annual 

inflation adjustments are based on the 

percent change between the October 

Consumer Price Index for all Urban 

Consumers (CPI–U) preceding the date 

of the adjustment, and the prior year’s 

October CPI–U.9 In this case, the 

October 2024 CPI–U (315.664)/October 

2023 CPI–U (307.671) = 1.02598.10 In 

order to complete the 2025 annual 

adjustment, the CFTC must multiply 

each of its most recent CMP amounts by 

the multiplier, 1.02598, and round to 

the nearest dollar.11

B. Civil Monetary Penalty Adjustments 

Applying the FCPIAA annual 

inflation adjustment methodology 

results in the following amended CMPs: 


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8112 Federal Register / Vol. 90, No. 15 / Friday, January 24, 2025 / Rules and Regulations 

12Annual Adjustment of Civil Monetary Penalties 

to Reflect Inflation—2024, 89 FR 4542 (Jan. 24, 

2024); https://www.cftc.gov/sites/default/files/2024/ 

01/2024-01341a.pdf. 

13FCPIAA Section 6. 

14FCPIAA Section 4(b)(2). 

15 2024 OMB Guidance at 4. 

16 Lake Carriers’ Ass’n v. E.P.A., 652 F.3d 1, 10 

(D.C. Cir. 2011). 

17 5 U.S.C. 601–612. 

18 5 U.S.C. 601(2), 603(a). 

19 44 U.S.C. 3507(d). 

20 7 U.S.C. 19(a). 

Violations occurring on or after 11/02/2015 

U.S. Code citation Civil monetary penalty description Penalty amount 

in 2024 

final rule 12

CPI–U 

multiplier 

New adjusted 

penalty amount 

Civil Monetary Penalty Imposed by the Commission in an Administrative Action 

7 U.S.C. 9 (Section 6(c) of the 

Commodity Exchange Act).

For any person other than a registered entity 1.

Other Than Manipulation or Attempted Manipulation.$201,021 1.02598 $206,244 

For any person other than a registered entity 1.

Manipulation or Attempted Manipulation.1,450,040 1.02598 1,487,712 

7 U.S.C. 13a (Section 6b of the 

Commodity Exchange Act).

For a registered entity 1 or any of 

its directors, officers or employees.

Other Than Manipulation or Attempted Manipulation.1,107,332 1.02598 1,136,100 

For a registered entity 1 or any of 

its directors, officers or employees.

Manipulation or Attempted Manipulation.1,450,040 1.02598 1,487,712 

Civil Monetary Penalty Imposed by a Federal District Court in a Civil Injunctive Action 

7 U.S.C. 13a–1 (Section 6c of the 

Commodity Exchange Act).

Any Person ..................................... Other Than Manipulation or Attempted Manipulation.221,466 1.02598 227,220 

Any Person ..................................... Manipulation or Attempted Manipulation.1,450,040 1.02598 1,487,712 

1The term ‘‘Registered Entity’’ is defined in 7 U.S.C. 1a (Section 1a of the Commodity Exchange Act). 

The FCPIAA provides that any 

increase under the FCPIAA in a civil 

monetary penalty shall apply only to 

civil monetary penalties, including 

those whose associated violation 

predated such increase, which are 

assessed after the date the increase takes 

effect.’’ 13 Thus, the new CMP amounts 

established by this rulemaking shall 

apply to penalties assessed after January 

15, 2025, for violations that occurred on 

or after November 2, 2015, the effective 

date of the FCPIAA amendment 

requiring annual adjustments, the 2015 

Act. 

IV. Administrative Compliance 

A. Notice Requirement 

The FCPIAA specifically exempted 

from the Administrative Procedure Act 

(APA) the rulemakings required to 

implement annual inflation 

adjustments.14 ‘‘This means that the 

notice and comment process the APA 

generally requires—i.e., notice, an 

opportunity for comment, and a delay in 

effective date—is not required for 

agencies to issue regulations 

implementing the annual 

adjustment.’’ 15 The Commission further 

notes that the notice and comment 

procedures of the APA do not apply to 

this rulemaking because the 

Commission is acting herein pursuant to 

statutory language that mandates that 

the Commission act in a 

nondiscretionary matter.16

B. Regulatory Flexibility Act 

The Regulatory Flexibility Act 

(RFA) 17 requires agencies with 

rulemaking authority to consider the 

impact of certain of their rules on small 

businesses. In relevant part, the RFA 

requires a regulatory flexibility analysis 

for rules for which the agency publishes 

a general notice of proposed rulemaking 

pursuant to section 553(b) or any other 

law.18 Because, as discussed above, the 

Commission is not obligated by section 

553(b) or any other law to publish a 

general notice of proposed rulemaking 

with respect to the revisions being made 

to Rule 143.8, the Commission 

additionally is not obligated to conduct 

a regulatory flexibility analysis. 

C. Paperwork Reduction Act 

The Paperwork Reduction Act of 1995 

(PRA),19 which imposes certain 

requirements on Federal agencies, 

including the Commission, in 

connection with their conducting or 

sponsoring any collection of 

information as defined by the PRA, does 

not apply to this rule. This rule 

amendment does not contain 

information collection requirements that 

require the approval of the Office of 

Management and Budget. 

D. Consideration of Costs and Benefits 

Section 15(a) of the CEA 20 requires 

the Commission to consider the costs 

and benefits of its action before issuing 

a new regulation. Section 15(a) of the 

CEA further specifies that costs and 

benefits shall be evaluated in light of 

five broad areas of market and public 

concern: (1) protection of market 

participants and the public; (2) 

efficiency, competitiveness, and 

financial integrity of futures markets; (3) 

price discovery; (4) sound risk 

management practices; and (5) other 

public interest considerations. 

The Commission believes that 

benefits of this rulemaking greatly 

outweigh the costs, if any. As the 

Commission understands, the statutory 

provisions by which it is making costof-living adjustments to the CMPs in 

Rule 143.8 were enacted to ensure that 

CMPs do not lose their deterrence value 

because of inflation. An analysis of the 

costs and benefits of these adjustments 

were made before enactment of the 

statutory provisions under which the 

Commission is operating, and limit the 

discretion of the Commission to the 

extent that there are no regulatory 

choices the Commission could make 

that would supersede the pre-enactment 

analysis with respect to the five factors 

enumerated in Section 15(a) of the CEA, 

or any other factors. 

List of Subjects in 17 CFR Part 143 

Claims, Penalties. 

For the reasons set forth in the 

preamble, the Commission amends part 

143 of chapter I of title 17 of the Code 

of Federal Regulations as follows: 


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Federal Register / Vol. 90, No. 15 / Friday, January 24, 2025 / Rules and Regulations 8113 

PART 143—COLLECTION OF CLAIMS 

OWED THE UNITED STATES ARISING 

FROM ACTIVITIES UNDER THE 

COMMISSION’S JURISDICTION 

■ 1. The authority citation for part 143 

continues to read as follows: 

Authority: 7 U.S.C. 9, 9a, 12a(5), 13a, 13a– 

1(d), 13(a), 13b; 31 U.S.C. 3701–3720E; 28 

U.S.C. 2461 note. 

■ 2. Amend § 143.8 by revising 

paragraph (b) to read as follows: 

§ 143.8 Inflation-adjusted civil monetary 

penalties. 

* * * * * 

(b) 2025 Inflation adjustment. The 

maximum amount of each civil 

monetary penalty in the following 

charts applies to penalties assessed after 

January 15, 2025: 

(1) For violations other than 

manipulation or attempted 

manipulation: 

TABLE 1 TO PARAGRAPH (b)(1) 

U.S. Code citation Civil monetary penalty description 

Date of violation and corresponding penalty 

10/23/2004 

through 

10/22/2008 

10/23/2008 

through 

10/22/2012 

10/23/2012 

through 

11/01/2015 

11/02/2015 

to present 

Civil Monetary Penalty Imposed by the Commission in an Administrative Action 

7 U.S.C. 9 (Section 6(c) of the Commodity Exchange Act).For any person other than a registered entity 1 .... $130,000 $140,000 $140,000 $206,244 

7 U.S.C. 13a (Section 6b of the Commodity Exchange Act).For a registered entity 1 or any of its directors, officers or employees.625,000 675,000 700,000 1,136,100 

Civil Monetary Penalty Imposed by a Federal District Court in a Civil Injunctive Action 

7 U.S.C. 13a–1 (Section 6c of the Commodity 

Exchange Act).

Any Person ........................................................... 130,000 140,000 140,000 227,220 

1The term ‘‘Registered Entity’’ is defined in 7 U.S.C. 1a (Section 1a of the Commodity Exchange Act). 

(2) For manipulation or attempted 

manipulation violations: 

TABLE 2 TO PARAGRAPH (b)(2) 

U.S. Code citation Civil monetary penalty description 

Date of violation and corresponding penalty 

10/23/2004 

through 

05/21/2008 

05/22/2008 

through 

08/14/2011 

08/15/2011 

through 

11/01/2015 

11/02/2015 

to present 

Civil Monetary Penalty Imposed by the Commission in an Administrative Action 

7 U.S.C. 9 (Section 6(c) of the Commodity Exchange Act).For any person other than a registered entity 1 .... $130,000 $1,000,000 $1,025,000 $1,487,712 

7 U.S.C. 13a (Section 6b of the Commodity Exchange Act).For a registered entity 1 or any of its directors, officers or employees.625,000 1,000,000 1,025,000 1,487,712 

Civil Monetary Penalty Imposed by a Federal District Court in a Civil Injunctive Action 

7 U.S.C. 13a–1 (Section 6c of the Commodity 

Exchange Act).

Any Person ........................................................... 130,000 1,000,000 1,025,000 1,487,712 

1The term ‘‘Registered Entity’’ is defined in 7 U.S.C. 1a (Section 1a of the Commodity Exchange Act). 

* * * * * Issued in Washington, DC, on January 21, 

2025, by the Commission. 

Robert Sidman, 

Deputy Secretary of the Commission. 

Note: The following appendix will not 

appear in the Code of Federal Regulations. 

Appendix to Annual Adjustment of 

Civil Monetary Penalties To Reflect 

Inflation—2025—Commission Voting 

Summary 

On this matter, Chairman Behnam and 

Commissioners Johnson, Goldsmith Romero, 

Mersinger, and Pham voted in the 

affirmative. No Commissioner voted in the 

negative. 

[FR Doc. 2025–01724 Filed 1–23–25; 8:45 am] 

BILLING CODE 6351–01–P 


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