Sunday, May 7, 2017
In a speech before the US Chamber of Commerce’s 11th Annual Capital Market Summit, the CFTC’s acting Chairman J. Christopher Giancarlo announced a new project to simplify the agency’s regulations. Remarking that, "America’s derivatives markets are struggling, in some cases, under the weight of flawed and excessive regulation,” Chairman Giancarlo introduced the CFTC’s new focus on reinterpreting its regulatory mission consistent with the goals of the Trump Administration’s Executive Order on regulation:
As part of its regulatory simplification agenda, Giancarlo laid out a number of agency initiatives, namely:
The CFTC will not be undertaking this effort in a vacuum. The Agency will be inviting the industry and other stakeholders, and the broader public to contribute their ideas on where the CFTC rules can be simplified and where compliance costs can be reduced. Giancarlo stressed that the focus of this invitation to comment is on improving existing rules, simplifying them, and reducing burdens, however, and not about identifying existing rules for repeal.
Chairman Giancarlo echoed the Administration’s justification for the Executive Order noting that “the overly prescriptive regulation of American derivative markets is part and parcel of the over-regulation of the US economy that thwarts revival of American prosperity.” While the CFTC is not covered by the Executive Order, this CFTC effort adopts the spirit of President Trump’s promise to "turn the tide of over-regulation."