On October 17, the Commodity Futures Trading Commission’s (“CFTC”) Director of Enforcement, Ian McGinley, announced the release of a new Enforcement Advisory on Penalties, Monitors, and Admissions (“Advisory”). Director McGinley noted in his remarks that one of the goals of the Advisory is to “dispel th[e] myth” that the CFTC is “‘friendly’ when it comes to enforcement,” and he emphasized the Enforcement Division’s (the “Division”) focus on increasing penalties to enhance deterrence. The Advisory, which supplements the CFTC’s Enforcement Manual (first released in 2020), provides guidance on three key aspects of CFTC enforcement actions: (i) how civil monetary penalties will be calibrated, particularly for recidivists; (ii) when corporate compliance Monitors or Consultants will be imposed; and (iii) when requiring admissions will be appropriate. The Advisory and Director McGinley’s accompanying remarks indicate one main theme—respondents, particularly recidivists, should be prepared for increased penalties and remediation requirements, including Monitors, and, potentially, admissions.