On February 25, the Commodity Futures Trading Commission’s Division of Enforcement issued a new Enforcement Advisory on Self-Reporting, Cooperation, and Remediation (the “Advisory”). The Advisory (i) seeks to incentivize self-reporting, cooperation and remediation, (ii) provides transparency with respect to when the Commission may provide mitigation credit and (iii) rescinds and replaces all prior Division policies with respect to these topics. The Advisory includes a “Mitigation Credit Matrix” that details a presumptive 0% to 55% reduction in a proposed civil money penalty (not disgorgement or restitution amounts) based on the quality of a firm’s self-reporting, cooperation and remediation. The Memorandum provides points that firms may consider in connection with the issuance of the Advisory.