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In 1934, following a stock market crash that brought the economy to its knees, Congress adopted a wide ranging anti-fraud provision for the securities markets. In describing the broad reach of §10(b) of the Securities Exchange Act of 1934, the U.S. Supreme Court has stated that “[s]ection 10(b) is aptly described as a catchall provision, but what it catches must be fraud.” See Chiarella v. United States, 445 U.S. 222, 234-35 (1980). Eight decades later, following a financial crisis that similarly wreaked economic havoc, Congress adopted the Dodd-Frank Wall Street Reform and Consumer Protection Act, which amended the Commodity Exchange Act to provide the Commodity Futures Trading Commission (the Commission or CFTC) with broad authority to prohibit fraud and manipulation. As a result of that provision, which the Commission used to promulgate Commodity Futures Trading Commission Rules 180.1 and 180.2, the derivatives regulator has caught up to its sister securities regulator as the Commission now holds that same “catchall” authority to bring enforcement actions against fraud in the commodities, commodities futures, and swaps markets.

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