Summary of the final rule, which will repeal and replace CEA Part 35, generally permitting the transaction of swaps in an agricultural commodity subject to all rules and regulations applicable to any other swap:
New Part 35 will permit the transaction of swaps in an agricultural commodity subject to all provisions of the CEA – and any rule, regulation, or order thereunder – applicable to all other swaps.
New Part 35 will also explicitly provide that swaps in an agricultural commodity may transact on a swap execution facility (SEF) and/or Designated Contract Market Regulation|designated contract market]] (DCM) to the same extent that any other swap may transact on a SEF and/or DCM.
On April 7, 2011, the CFTC and the SEC released a joint study on algorithmic derivatives descriptions. After conducting its analysis, which included meetings with industry leaders, regulators, and academics, as well as comments submitted by the public, the staff offered conclusions. more>
At an open meeting on January 20, 2011, the SEC finalized rules requiring an issuer of asset-backed securities (ABS) to "perform a review of the assets underlying the ABS and disclose information relating to the review." Rules regarding shelf eligibility conditions for asset-backed securities were re-proposed on July 26, 2011. On October 13, 2010, the SEC adopted an interim final temporary Rule 13Aa-2T concerning the reporting of security-based swap data. Also introduced at this meeting was a new proposed rule to "mitigate conflicts of interest at security-based swap clearing agencies, security-based swap execution facilities, and national security exchanges that post or make available for trading security-based swaps." more>
Among the provisions of the Dodd-Frank Act are several requirements affecting commodity trading advisors (CTAs), commodity pool operators (CPOs) and investment advisors to private funds. The Securities and Exchange Commission submitted a proposed rule on systemic risk reporting requirements for private fund advisers including hedge funds, CPOs and CTAs in February 2011; the rules became finalized in October 2011.
The Commodity Futures Trading Commission participated in the joint rulemaking with the SEC on the reporting requirements, and also proposed its own rules on certain compliance aspects for CPOs and CTAs. These rules were finalized in February 2012. more>
Among the provisions of the Dodd-Frank Act are several requirements affecting commodity trading advisors (CTAs), commodity pool operators (CPOs) and investment advisors to private funds. The Securities and Exchange Commission submitted a proposed rule on systemic risk reporting requirements for private fund advisers including hedge funds, CPOs and CTAs in February 2011; the rules became finalized in October 2011.
The Commodity Futures Trading Commission participated in the joint rulemaking with the SEC on the reporting requirements, and also proposed its own rules on certain compliance aspects for CPOs and CTAs. These rules were finalized in February 2012. more>
[[[SEC Final Rule: Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF]]
Among the provisions of Title VII of the Dodd-Frank Act is a requirement that swaps reforms shall not apply to activities outside the United States unless those activities have “a direct and significant connection with activities in, or effect on, commerce of the United States.” The CFTC is tasked with developing a framework for oversight of the swaps market, and to adapt the Commodity Exchange Act to include swaps oversight. The SEC is tasked with developing a framework for oversight of security-based swaps, and to adapt the SEC regulations to include such oversight.
The concern is that swap trading by foreign affiliates of large financial entities pose a systemic risk to the U.S., and thus should be under CFTC jurisdiction. This guidance is meant to be the starting point for discussion with market participants regarding the structure of cross-border jurisdiction. more>
After the financial crisis of 2008 and the passage of the Dodd-Frank Act in 2010, enhancing customer protection has emerged as a major issue. Dodd-Frank contains several provisions intended to restore confidence in the financial markets, including:
Subsequently, after failures at two futures commission merchants within one year - MF Global and Peregrine Financial - the safety of customer segregated funds has come into question by market participants. The CFTC announced additional customer protection regulations to be forthcoming. more>
At an open meeting on May 10, 2012, the CFTC finalized rules, guidance and acceptable practices under Dodd-Frank Act that, among other things, amend Section 5 of the Commodity Exchange Act ("CEA") concerning designation and operation of contract markets, and add a new CEA Section 2(h)(8) to include the listing, trading and execution of swaps on designated contract markets. The rules were originally proposed on December 1, 2010. more>
At an open meeting on February 24, 2011, the CFTC proposed an interpretive order regarding disruptive trading practices. The proposal defines as disruptive any practice that:
violates bids or offers;
demonstrates intentional or reckless disregard for orderly execution; or
is of the character of, or is commonly known to the trade as, “spoofing” (bidding or offering with the intent to cancel the bid or offer before execution).
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), named after Senate Banking Committee Chairman Chris Dodd and Chairman of the House Financial Services Committee Barney Frank, was signed into law by President Barack Obama on July 21, 2010. more>
The Dodd-Frank Act requires, among other things, that the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC), create and implement rules regarding mandatory clearing of swaps transactions. A major topic of contention has been whether end-users should be granted an exception to the Dodd-Frank requirement for mandatory clearing of swap transactions. At its July 10, 2012 open meeting the CFTC approved a final rulemaking that implements an exception to the clearing requirement for non-financial entities and small financial institutions that use swaps to hedge or mitigate commercial risk ("commercial end-users"). more>
Title IX of the Dodd-Frank Act aims to update and enhance investor protection and improve protections in U.S. securities markets. Among its provisions are five sections related to executive compensation:
Section 951, which requires advisory votes of shareholders about executive compensation and golden parachutes;
Section 952, which requires disclosure about the role of, and potential conflicts involving, compensation consultants;
Section 953, which requires disclosure on compensation practices such as pay-for-performance and ratios between CEO and median compensation;
Section 954, which aims to require compensation claw-back policies; and
Section 955, which requires disclosure about whether company directors are permitted to hedge decreases in market value of the company's stock.
Discussions surrounding possible changes in the regulation of financial benchmarks such as the London Interbank Offered Rate (LIBOR) began in 2012, in the wake of an ongoing scandal involving widespread manipulation of rate submissions by participant banks. While the initial round of fines assessed by regulators such as the CFTC and U.K. Financial Services Authority against Barclays, UBS and the Royal bank of Scotland concentrated on manipulation of LIBOR, the scandal has since widened to include other financial benchmarks such as Euribor, Yen Libor and Swiss Libor.
In January 2013, the International Organization of Securities Commissions (IOSCO) published a consultation report and request for comment on financial benchmarks. The report, which included 41 questions upon which market participants are invited to comment, is IOSCO's first step in the setting of policy guidance and principles for benchmarks. On April 16, 2013, IOSCO released its draft Principles for Financial Benchmarks. The deadline for public comment is May 16, 2013. more>
Finally, at its March 20, 2012 open meeting, the CFTC approved a final rulemaking covering clearing member risk management, clearing documentation and timing of acceptance for clearing, and allocation of bunched orders. more>
The Dodd-Frank Act requires most swaps to be traded on an exchange or on a similar system and then guaranteed by a clearinghouse, where the parties would be required to post collateral. However, the act allows the Secretary of the Treasury to make a final determination as to whether foreign exchange transactions should be granted an exemption from the Dodd-Frank definition of swaps. On November 16, 2012, the U.S. Department of the Treasury issued it final determination that effectively exempts FX swaps and forwards from mandatory derivatives requirements, including central clearing and exchange trading. more>
The SEC meeting on June 22, 2011 finalized rules concerning amendments to the Investment Advisers Act of 1940, as well as registration exemptions for reporting by certain investment advisers. An SEC notice concerning investment adviser performance compensation regulation was published on May 10, 2011. The comment deadline for this proposal is July 11, 2011. more>
One of the provisions of the Dodd-Frank Act is an amendment to the Commodity Exchange Act that would prohibit swap transactions unless it were submitted to a Derivatives Clearing Organization (DCO) for clearing, or if the swap met one of the requirements for exemption. In separate meetings, the SEC and CFTC issued final rules regarding the process for review of swaps for mandatory clearing. more>
Section 753 of the Dodd-Frank Act gives the Commodity Futures Trading Commission (CFTC) and U.S. Securities and Exchange Commission (SEC) the authority to monitor and enforce "manipulative and deceptive" practices in the swaps, security-based swaps, and commodities markets. The rules are intended to mirror the SEC's Rule 10b-5, a powerful regulation used to combat fraud and manipulation in securities markets. more>
OTC derivatives are instruments traded in venues other than on organized exchanges, or designated contract markets. Subsequent to financial crises, which many say were exacerbated by the "opacity" of the unregulated OTC markets, regulators in the United States and abroad have begun enacting and implementing rules concerning OTC derivatives. Most notably, these regulations include the Dodd-Frank Act in the U.S., Markets in Financial Instruments Directive (MiFID) and EMIR in Europe, and international efforts such as Basel III. more>
On September 10, 2010, the CFTC approved its final rules regarding off-exchange retail foreign exchange transactions. Although the rulemaking pre-dated the Dodd-Frank Act, once the Act was signed in July 2010, the commission's forex rules, along with the forex rules of other regulatory authorities, became a part of Dodd-Frank. Under Dodd-Frank, the CFTC will have jurisdiction over retail foreign exchange transactions, except in the case of entities which fall under the authority of one of the following regulatory agencies ("Prudential Regulators"):
The Act requires that such rules include appropriate requirements with respect to disclosure, record keeping, capital and margin, reporting, business conduct, documentation, and any other standards or requirements as Federal regulatory agencies shall determine to be necessary. more>
In accordance with Title II of the Dodd-Frank Act, the FDIC is required to establish rules regarding the orderly liquidation in case of a default of a "covered financial company," which is defined as financial company that poses significant risk to the financial stability of the United States. The Act outlines the process for the orderly liquidation of such a covered financial company following the FDIC’s appointment as receiver and provides for additional implementation of the orderly liquidation authority (OLA) by rulemaking. more>
Position limits are intended to protect futures markets from excessive speculation that could cause unreasonable or unwarranted price fluctuations and are sometimes referred to as "speculative position limits", or "speculative limits". The Commodity Exchange Act (CEA) authorized the CFTC to impose limits on the size of speculative positions in futures markets. The CFTC issued its final rules on position limits in October 2011. Compliance for spot month positions was to become effective on October 12, 2012, but in September 2012, a U.S. District Court vacated the rule and remanded it back to the CFTC. more>
The SEC has issued two rule proposals regarding the security-based swap data repositories (SDRs) and the reporting and dissemination of swap data through Regulation SBSR. Neither rulemaking has been finalized. more>
The Commodity Futures Trading CommissionCFTC has issued numerous rulemakings under Dodd-Frank regarding swap dealers and major swap participants (SD/MSPs) at several meetings between 2010 and 2012. The issues discussed were: duties; registration; conflicts of interest; required compliance policies; reporting and recordkeeping; further defining “swap dealer,” “major swap participant” and “eligible contract participant”; business conduct standards, confirmation; confirmation, reconciliation and compression; swap trading relationship documentation; orderly liquidation termination; and margin requirements for uncleared swaps.
The Securities and Exchange Commission (SEC) has also issued several rulemakings regarding security-based swap dealers and major swap participants (SB-SD/MSPs). Topics for which rules have been proposed but not finalized include business conduct standards, registration, and swap entity definitions (joint rule with CFTC). The final rulemaking on swap entity definitions, also issued jointly between the CFTC and SEC, was issued on April 18, 2012.
In late 2011, the CFTC began issuing final rules pertaining to SD/MSPs. As of September 2012, the CFTC had finalized all rules except those pertaining to uncleared swaps, margin and capital requirements. Aside from the definitions rules, which were approved jointly with the CFTC, the SEC has not finalized any rules. Topics for which a final rulemaking has been issued can be found in the alert box at the top of the page. Summaries and links can also be found below.
Swap execution facilities (SEFs) were given life by the Dodd-Frank Act, which requires over-the counter (OTC) swaps to be cleared and traded on this new type of regulated platform. Any swap that clears must trade on designated contract market or a SEF. The CFTC has been given the responsibility to monitor swap execution facilities; the SEC has jurisdiction over security-based SEFs.
In accordance with the Dodd-Frank Act, the CFTC and the SEC, in consultation with the Board of Governors of the Federal Reserve System, have proposed rules and interpretative guidance under the Commodity Exchange Act (CEA) and the Securities Exchange Act of 1934 to further define the terms "swap dealer," "security-based swap dealer," "major swap participant," "major security-based swap participant," and "eligible contract participant."
Under Dodd-Frank, the SEC will have jurisdiction over "security-based" swaps, and the CFTC will have jurisdiction over all other swaps, except for a category known as "mixed swaps" which may have both security-based and non-security-based components. For mixed swaps, the two agencies will have joint oversight responsibilities.
Swaps definitions fall into two categories. "Entity definitions" detail which firms and individuals fall are considered to be subject to dealer and swap participant rules. "Product definitions" detail the types of transactions that are considered to be swaps, security-based swaps, and mixed swaps, and also which products may be exempt from agency oversight. more>
The document proposes which entities will be subject to the prohibitions, and explains the types of financial transactions that will be exempt from the bans. The proposal seeks comment from the public and market participants on 394 questions on such topics as definitions of banking entities, exemptions, types of activities covered under the rule, and compliance considerations. The deadline for public comment was originally set for January 13, 2012, but on December 23, 2011, the House Financial Services Committee requested a 30-day extension to February 13, 2012. The Dodd-Frank Act mandates that the rule become effective on July 21, 2012, followed by a two-year compliance transition. more>
At an open meeting on August 4, 2011, the CFTC approved its final rule on its whistleblower program. The rule maintains the “discretionary power” of the Commission with regard to the amount awarded to informants.
At an open meeting on May 25, 2011, the SEC issued its final rule under which the whistleblower, in order to be eligible, must "voluntarily provide the SEC with original information that leads to the successful enforcement by the SEC of a federal court or administrative action in which the SEC obtains monetary sanctions totaling more than $1 million.” more>
The Bank for International Settlements (BIS) is an international organization, established in 1930, that fosters the cooperation of central banks and international financial institutions. While headquartered in Basel, Switzerland, the BIS has two representative offices in the Hong Kong and Mexico City. The BIS assists central banks and other official monetary institutions in the management of their foreign exchange and gold reserves. more>
The European Securities and Markets Authority (ESMA) is an independent European Union regulatory agency that oversees European securities trading across all of the EU member states. ESMA is a part of the European System of Financial Supervision, which consists of the European Systemic Risk Board (ESRB) and the three European Supervisory Authorities: ESMA based in Paris, the European Banking Authority (EBA) based in London and the European Insurance and Occupational Pensions Authority (EIOPA) based in Frankfurt. ESMA works closely with the EBA, the ESRB and the EIOPA in order to ensure unity among securities regulators and across various financial sectors.
ESMA was established on January 1, 2011 as part of a new regulatory framework adopted by the EU in the wake of the financial crisis and has replaced the Committee of European Securities Regulators (CESR). Steven Maijoor is the current chairman of ESMA. The executive director is Verena Ross and the vice president is Carlos Tavares. more>
The Federal Deposit Insurance Corporation (FDIC) was created by Congress though the Glass-Steagall Act in 1933 in response the frequent bank failures of the 1920s and early 1930s. As an independent agency, the FDIC is charged with maintaining stability in the U.S. financial system by insuring deposits, supervising financial institutions and managing receiverships.
Additionally, one of the provisions of the Dodd-Frank Act required the FDIC to establish rules regarding the orderly liquidation of any systemically important financial company encountering a default. more>
As established under Title I of the Dodd-Frank Act, the Financial Stability Oversight Council (FSOC) provides, for the first time, comprehensive monitoring to ensure the stability of our nation's financial system. It was passed by the House Financial Services Committee on December 2, 2009 to put an end to “too big to fail” financial firms. It was created as a nine-member council, led by the Treasury secretary, to look out for systemic risks. The FSOC will subject to Fed oversight any nonbank financial companies whose financial distress would pose risks to the financial stability of the United States.more>
The Advisory Committee on Emerging Regulatory Issues was created on May 11, 2010, five days after the so-called "flash crash" on May 6, 2010, when a single trader mistakenly entered a "sell" order of CME Group's e-Mini S&P 500 futures worth $4.1 billion. The order triggered a frenzy of high frequency trading activity that briefly saw the Dow Jones Industrial Average break 700 points in a matter of minutes. While the market stabilized quickly once the error was discovered, the incident highlighted the potential liquidity problems associated with high speed trading. more>
The Financial Services Authority (FSA) was an independent non-governmental body that regulates the financial services industry in the UK. Established by Gordon Brown in 1997 when the Labour party came into power, the FSA was granted statutory powers by the Financial Services and Markets Act of 2000. After the FSA "failed to sound the alarm as the financial system went wrong" in 2008-2010, the U.K. made plans for the transfer of regulatory oversight from the FSA to the Bank of England. more>
Established by Title X of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) will conduct rule-making and enforcement of consumer financial protection laws, promote financial education and monitor financial markets that affect consumers. Many parts of the Dodd-Frank Act relating to the CFPB are planned to go into effect on July 21, 2011. Treasury Secretary Timothy Geithner is charged with creating the CFPB. On September 17, 2010, Elizabeth Warren was named Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB. On July 17, 2011, Richard Cordray was nominated as Director of the CFPB, having formerly served as head of the enforcement division at the agency. more>
The mission of the Commodity Futures Trading Commission (CFTC) is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and options markets. more>
The U.S. Securities and Exchange Commission (SEC) is the U.S. regulatory agency charged with the oversight of securities markets and market participants in the U.S. Its mission is to protect investors, to maintain fair, orderly, and efficient markets, and to facilitate capital formation. Mary L. Schapiro is the current chairman of the SEC. more>
The mission of the Commodity Futures Trading Commission (CFTC) is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and options markets.[1]
To see the rulemakings considered at a meeting, click the (+) sign. To see the full summary, including commissioners' statements, vote outcomes and meeting webcasts, click "View Meeting Page."
The Commodity Futures Trading Commission (CFTC) held a public meeting on Tuesday, July 10, 2012, at 9:30 a.m., to consider two Final Rules and a Proposed Rule: [3]
Proposed Order Amending the Effective Date for Swap Regulation. At the meeting, the effective date order was not discussed. Instead, the order was issued on July 3, 2012 in seriatim. For more information, click HERE.
The Commodity Futures Trading Commission (CFTC) held a public meeting on Tuesday, March 20, 2012, on a final rule regarding customer clearing documentation, timing of acceptance for clearing, and clearing member risk management. These rules were first proposed at the CFTC Open Meeting, July 19, 2011. For more information on the rules as proposed:
Note: Originally scheduled as an agenda item for this meeting was a final rule on the effective date for swap regulation. On December 19, 2011, the rule was instead released as a final order, not requiring commission approval. For more information, click HERE.
Rule proposal on the implementation of rules regarding documentation and margining for swap dealers, major swap participants and other market participants; and
Rule proposal on the implementation of rules regarding clearing and trading requirements for swap dealers, major swap participants and other market participants.
On June 14, 2011, the Commodity Futures Trading Commission (CFTC) held an open meeting to consider effective dates of provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The meeting agenda also included plans to discuss and vote upon future meeting dates. [5]
Note: At its October 18, 2011 open meeting, the commission voted 5-0 to extend the effective date for swap regulations until July 16, 2012. All other provisions, as described in the documents below, remain the same. A final order on the effective date for swaps was issued on December 19, 2011. For more information, click HERE.
The Commodity Futures Trading Commission (CFTC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:[6]
The Commodity Futures Trading Commission (CFTC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topic:[7]
Proposed rulemaking relating to conforming amendments to current CFTC regulations, originally planned for this meeting, was tabled until the April 27, 2011 open meeting.
The Commodity Futures Trading Commission (CFTC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:[8]
An additional agenda item, regarding swap data recordkeeping and reporting requirements for pre-enactment and transition swaps, was tabled until the next meeting.
The Commodity Futures Trading Commission (CFTC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:
The Commodity Futures Trading Commission (CFTC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:[10]
The Commodity Futures Trading Commission (CFTC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:
the issuance of a proposed rulemaking regarding position limits for derivatives;
the adoption of a final rule that addresses requirements for derivatives clearing organizations, designated contract markets and swap execution facilities regarding the mitigation of conflicts of interest. *This item was subsequently tabled until a future meeting.[11]
The Commodity Futures Trading Commission (CFTC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:
The Commodity Futures Trading Commission (CFTC) held a public meeting on Thursday, December 9, 2010, at 9:30 a.m. to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:[13]
The Commodity Futures Trading Commission (CFTC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:[14]
On November 19, 2010, the Commodity Futures Trading Commission (CFTC) held the fifth in its series of open meeting to consider issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Rule proposals considered at the meeting:[15]
On November 10, 2010, the Commodity Futures Trading Commission (CFTC) held the fourth in its series of open meeting to consider issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Rule proposals considered at the meeting:[16]
The Commodity Futures Trading Commission (CFTC) held a public meeting on October 19, 2010, at 9:30 a.m. to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:[17]
The Commodity Futures Trading Commission (CFTC) held a public meeting on October 19, 2010, at 9:30 a.m. to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:[18]
The Commodity Futures Trading Commission (CFTC) held a public meeting on Friday, October 1, 2010, at 9:30 a.m. to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:[19]
2012 Budget and Performance Plan, February 14, 2012
The 2012 budget requests an appropriation of $308 million and 983 staff-years, increased from the 2011 appropriation of $168.8 million and 667 full-time equivalents. The additional staff is needed in order to implement and enforce the Dodd-Frank Act.
According to the report, "Some of the CFTC‘s expanded authorities will be consistent with our current authorities but expanded
to also include swaps. Some will be new responsibilities, such as regulating swap dealers, SEFs and SDRs. The CFTC is actively writing rules to implement the Dodd-Frank Act. The statutory deadline for completion of our rules is generally within 360 days of the bill‘s enactment, or July 15, 2011. In FY 2012, the CFTC will require resources to execute these new rules."
The budget report prompted a dissent from Commissioners O'Malia and Sommers. The two released a statement on February 14, 2012 that criticized the report's focus on Dodd-Frank as a priority over others, and that "We hope the Commission will work to rebalance its funding and focus from those areas that have exceeded expectations and goals to those that are critically underfunded, in particular the Division of Market Oversight and the Office of Data and Technology." [20]
CFTC Strategic Plan FY 2011-15, February 28, 2011
Prior to passage of the Dodd-Frank Act, the chief responsibility of the commission was solely to regulate the futures and options industry in the United States, which has increased from 580 million contracts, with notional value of $56.7 in 2000 to more than 3.1 billion contracts worth $170 billion in 2010. Furthermore, the Dodd-Frank Act authorizes the CFTC to bring regulation to the largely unregulated OTC swaps markets, which has an estimated notional value of approximately $300 trillion – roughly ten times the size of the regulated futures markets.[21]
The strategic plan outlines the "reorganization" of the CFTC as it assumes these additional oversight responsibilities, including the creation a new group for oversight of swap dealers and intermediaries, and the reorganization of its technology programs by establishing a new group to collect, manage and analyze data. The 59-page document, which can be found below, lists the objectives, strategies, and performance measures of these goals:
Protect the public and market participants by ensuring market integrity, promoting transparency, competition and fairness and lowering risk in the system; (p. 10)
Protect the public and market participants by ensuring the financial integrity of derivatives transactions, mitigation of systemic risk, and the fitness and soundness of intermediaries and other registrants; (p. 22)
Protect the public and market participants through a robust enforcement program; (p. 31)
Enhance integrity of U.S. markets by engaging in cross-border cooperation, promoting strong international regulatory standards, and encouraging ongoing convergence of laws and regulation worldwide; (p. 34) and
Promote Commission excellence through executive direction and leadership, organizational and individual performance management, and effective management of resources.(p. 37)
The strategic plan concludes with an overview of the commission's organizational structure (p. 48), programs and functions (p. 49), planning, and operational processes (p. 52).
