CFTC may shift enforcement staff to Dodd-Frank oversight

The CFTC says it will move their enforcement staff to meet Dodd-Frank Act stipulations in 2012. Last year, the Commission failed to adequately supervise CME  Group Inc. (“CME”), the world’s largest future exchange, the Chicago Board of Trade, and ICE Futures Inc. The agency also neglected to meet its goals to set up automated surveillance alerts for the futures market and automating systems for market data.

CFTC Chairman Gary Gensler said of the shortcomings, “The agency’s performance is affected by the challenges of limited resources.”

The Commission said it planned to reassign staff in fiscal year 2013 to oversee applications for CFTC registration.

The CFTC and Securities Exchange Commission (“SEC”) are rewriting Dodd-Frank regulations, designing rules to have swaps guaranteed by central clearinghouses and traded on exchanges. The CFTC has been considering amendments to futures market oversight since last year, when MF Global collapsed. Gensler asked the agency’s staff to create policies to supervise organizations and brokers who self-regulate in the industry.

Read more about the CFTC’s possible organizational changes.

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About the Author

Elan Mendel
Elan Mendel is an associate with Shipkevich PLLC, and has done registration, compliance, and enforcement defense work for commodities, futures and forex firms registered with the CFTC and NFA as FCMs, RFEDs, and others. Elan also specializes in domestic and cross-border insolvency issues.

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