Washington, DC – Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham today released the following statement on the CFTC’s settlement order regarding Piper Sandler Hedging Services LLC:

“Once again, the CFTC has no evidence that a violation of CFTC recordkeeping rules for introducing brokers (IBs) actually occurred.[1] And, this case also piggybacks off the SEC’s investigation and swerves out of the CFTC’s lane into the securities markets. Records relating to securities or other business activities of a parent company or affiliate under other agencies’ rules are out-of-scope for the CFTC’s jurisdiction and rules for IBs. That is why other agencies have their own enforcement authority over their own statutes and their own registrants. I must respectfully dissent because of the lack of evidence that a CFTC violation occurred and because I cannot support the CFTC’s double-dipping on SEC violations.”