News Centre

Dissenting Statement Of CFTC Commissioner Christy Goldsmith Romero On Notice Of Proposed Rule Making For Seeded Funds And Money Market Funds

Date 26/07/2023

I cannot support the proposed rule.

Seeded Funds

I am concerned that the proposed exception to initial margin requirements for seeded funds rolls back Dodd-Frank Act reforms designed for financial stability.  I cannot support the Commission changing our existing requirements—requirements that match U.S. banking regulator requirements.  The proposed change would relieve initial margin requirements for uncleared swaps that are not prudentially regulated in certain affiliate transactions known as “seeded funds” for three years.

Statement Of CFTC Commissioner Caroline D. Pham In Support Of Notice Of Proposed Rulemaking On Margin Requirements For Uncleared Swaps For Swap Dealers And Major Swap Participants

Date 26/07/2023

I support the notice of proposed rulemaking on margin requirements for uncleared swaps for swap dealers and major swap participants (Seeded Funds and MMFs Proposal) because it provides a solution for seeded funds, and it supports greater liquidity by providing more flexibility for money market and similar funds that use repos, among other things.  I thank the team in the Market Participants Division for their dedication to ensuring the Commission’s uncleared swaps rules do not unduly burden market participants, and for proposing workable solutions to challenges that arose during an implementation period.  I specifically commend Amanda Olear, Tom Smith, Warren Gorlick, Rafael Martinez, and Liliya Bozhanova for their work on the proposal.

Exemption For Certain Investment Advisers Operating Through The Internet, SEC Commissioner Hester M. Peirce, July 26, 2023

Date 26/07/2023

Thank you, Chair Gensler. Reviewing our regulations periodically to evaluate whether they are still fit for purpose as markets evolve and practices change is important. Sometimes we have to tweak or jettison a rule. The internet adviser exemption should stay on the books, but it needs a tune-up, and I thank the staffs in the Divisions of Investment Management and Economic and Risk Analysis for their repair work. So while I have some questions, I support seeking comment on whether our suggested changes have merit.

Opening Statement Of CFTC Commissioner Caroline D. Pham Before The July 26, 2023 Open Meeting

Date 26/07/2023

Good morning everybody, and thank you for being here.  I'd like to thank all of the CFTC staff who put this meeting together, the Chairman, my fellow Commissioners, and particularly my team for helping me prepare for this meeting.  Today, I would like to talk about a couple themes:  good government, administrative agencies, self-regulation, and the importance of having a pragmatic approach and ensuring that our rules are workable.

Statement Of CFTC Commissioner Kristin N. Johnson In Support Of The Notice Of Proposed Rulemaking On Swap Confirmation Requirements For Swap Execution Facilities

Date 26/07/2023

In the aftermath of the 2008 global financial crisis, the G20 leaders met in Pittsburgh, Pennsylvania.  This meeting resulted in an agreement among the G20 leaders to bring transparency and oversight to the then-unregulated swaps market.  Emerging in the 1980s, the swaps market remained unregulated for decades, operating with little to no transparency and causing significant integrity concerns for the global financial market.

Statement Of CFTC Commissioner Caroline D. Pham In Support Of Swap Confirmation Requirements For Swap Execution Facilities Proposal

Date 26/07/2023

I support the Notice of Proposed Rulemaking on Swap Confirmation Requirements for Swap Execution Facilities (SEF Confirmation Proposal) because the Commission is finally fixing unworkable rules that have defied the reality of market structure, legal documentation, and operational processes since they were first issued in 2013.  I would like to thank Roger Smith, Nora Flood, and Vince McGonagle in the Division of Market Oversight for their work on the SEF Confirmation Proposal.

Statement Of CFTC Commissioner Caroline D. Pham On Effective Self-Regulation And Notice Of Proposed Rulemaking To Amend Part 40 Regulations

Date 26/07/2023

I support the Notice of Proposed Rulemaking regarding Amendments to Provisions Common to Registered Entities under Part 40 of the CFTC’s Regulations (Part 40 Proposal) because it is important to continuously improve our rules and do good housekeeping. I appreciate that this Part 40 Proposal is “intended to clarify, simplify and enhance the utility of the Part 40 regulations for market participants and the Commission,” as stated in the preamble.  I would like to thank Rachel Kaplan Reicher, Steven Benton, and Nancy Markowitz of the Division of Market Oversight (DMO) and Eileen Chotiner of the Division of Clearing and Risk (DCR), as well as Jeannette Curtis and Phil Raimondi, for their work on the Part 40 Proposal.  I appreciate the staff working with me to make revisions and address my concerns.

BOX Exchange Update: Bid-Ask Differentials For Various Symbols Through September 15, 2023

Date 26/07/2023

BOX Exchange LLC (“BOX”), recently distributed Notice 2023-172 detailing modified bid-ask differentials for certain option classes effective through September 15, 2023.

US Departments Of Justice, Commerce And Treasury Issue Joint Compliance Note On Voluntary Self-Disclosure Of Potential Violations

Date 26/07/2023

The Justice Department, Department of Commerce’s Bureau of Industry and Security (BIS), and Department of the Treasury’s Office of Foreign Assets Control (OFAC) today issued a joint compliance note focusing on the voluntary self-disclosure policies that apply to U.S. sanctions, export controls and other national security laws, including recent updates to certain of those policies. Today’s note marks the second collective effort by the three agencies to inform the private sector about enforcement trends and provide guidance to the business community on compliance with U.S. sanctions and export laws.

Statement On The Proposal Re: The Internet Adviser Exemption, SEC Commissioner Mark T. Uyeda, July 26, 2023

Date 26/07/2023

Thank you, Chair Gensler, and thanks to the staff for their presentations. Today, the Commission is considering whether to propose amendments to Rule 203A-2 under the Investment Advisers Act of 1940 (“Advisers Act”) and to Form ADV. Rule 203A-2(e), also known as the “internet adviser exemption,” generally permits investment advisers that provide advice over the internet to register with the SEC, subject to certain conditions. These conditions include, among others, that the investment adviser provide advice to its clients exclusively through an interactive website, except it may provide advice to fewer than 15 clients through other means during the preceding 12 months.