Gensler Gives Some Guidance On The Path Ahead

CFTC Chairman Gary Gensler outlined the Commission’s plans for the coming months in his opening remarks at the Conference on Commodity Markets.  Of particular note, he expects to finalize rulemakings on

  • Position Limits
  • Clearinghouse core principles
  • Business conduct
  • Entity definition
  • Trading
  • Data reporting
  • End-User exemption

Sensitive to the precedent set by Business Roundtable v. SEC decision and the recent OIG report on the CFTC’s cost-benefit analysis, Gensler noted that

“It is important to point out that each of our final rules includes a careful consideration of costs and benefits completed with the involvement of the CFTC’s Office of the Chief Economist.”

More specifically, CMC is hearing that September will include the position limits rulemaking (though it looks like October may be a more realistic timeline) as well as two proposals to phase in the compliance requirements.  The Commission will look for public comment on scheduling the compliance requirements for swap clearing & trading mandates, internal business conduct standards, and margin rules for uncleared swaps.

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