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  • “Unreasonably Feeble” - Opening Statement Of CFTC Commissioner Scott D. O’Malia Regarding Open Meeting On One Final Rule And One Proposed Rule1

    Date 23/02/2012

    Introduction

    The latest issue of The Economist features an article titled “Over-regulated America”2 that features as its archetype for excessive and badly-written regulation our own Dodd-Frank Act. The problem, the article points out, is that rules that sound reasonable on their own may impose a huge collective burden due, in part, to their complexity. Part of the problem is that we, as The Economist points out, are under the impression that we can anticipate and regulate for every eventuality. In our hubris, The Economist warns, our overreaching tends to defeat our good intentions and creates loopholes and perhaps unintentional safe-harbors, leaving our rules ineffectual and subject to abuse. The solution The Economist offers isn’t so unfamiliar, at least to this Commissioner. It is rather simple. It is just that: Rules need to be simple. Echoing President Obama’s 2011 Executive Order 13563 “Improving Regulation and Regulatory Review”3 (which applies equally to independent federal agencies such as the Commodity Futures Trading Commission (the “Commission” or “CFTC”) per a subsequent Executive Order4), The Economist advises that we ought to cut out the verbiage and focus on writing rules that articulate broad goals and prescribe only what is strictly necessary to achieve them.

  • Lord Mayor Of London Addresses Cass Business School’s Dubai Centre - The Right Honourable David Wootton Joins Students, Alumni And Faculty Members To Celebrate Cass’s Achievements In The Middle East And North Africa

    Date 23/02/2012

    Cass Business School announced today that the Lord Mayor of London, the Right Honourable David Wootton, attended an alumni event to celebrate the school’s achievements in the Middle East and North Africa. The Lord Mayor of London led a delegation of UK business leaders, in his capacity as Chancellor of City University London, of which Cass Business School is a part.

  • Opening Statement Regarding Ninth Open Meeting To Consider Final Dodd-Frank Rules - CFTC Commissioner Jill E. Sommers

    Date 23/02/2012

    Thank you Mr. Chairman and thanks to all of the staff who has put a tremendous amount of time and effort into formulating the final business conduct rules and the proposal for establishing appropriate minimum block sizes for swaps that we are voting on today. The challenges we face in implementing the Dodd-Frank Act are ongoing, and I cannot emphasize enough how proud I am to be part of an organization filled with such dedicated public servants. 

  • OIC Announces Edward J. Joyce To Receive Joseph W. Sullivan Award At The Annual Options Industry Conference

    Date 23/02/2012

    The Options Industry Council (OIC) announced today Edward J. Joyce as the 2012 recipient of the Joseph W. Sullivan Options Industry Achievement Award. This recognition on behalf of outstanding contributions to the growth and integrity of the U.S. options market. The award presentation will be at the 30th Annual Options Industry Conference, being held at The Roosevelt Hotel in New Orleans, from May 3-5.

  • CFTC Orders Iowa Resident Jeffrey J. Kinseth And His Company, Virtual Vision Inc., To Pay More Than $1 Million In Restitution And Penalties In Fraud Action

    Date 23/02/2012

    The U.S. Commodity Futures Trading Commission (CFTC) today filed and simultaneously settled charges against Jeffrey J. Kinseth of Cedar Rapids, Iowa, and his Iowa-based company, Virtual Vision Inc., for fraudulently soliciting individuals to participate in a pooled investment vehicle, misappropriation of investor funds, and issuance of false statements to conceal trading losses and fraud. Kinseth is not registered with the CFTC.

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