Clifford Chance

Responding to a U.S. Government Investigation in the Derivatives and Commodities Markets

February 18, 2021

The high stakes involved in U.S. investigations are clearly demonstrated by the very large civil and criminal penalties that authorities have imposed regularly in recent years for corporate misconduct. Although the nature and extent of any misconduct being investigated is a critical component, the penalties imposed are to an important degree also influenced by the response to an investigation. Long after any questioned conduct has ceased, been identified or remediated, the response to a government investigation can have profound positive or negative consequences in its resolution. This guide describes the key stages of the investigative and resolution process and discusses various legal and practical factors to be considered in responding at each stage.

Questions concerning the subject matter or topics addressed in this guide may be directed to any of the authors reflected in the contacts included at the end of this publication or to your local Clifford Chance resource.

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