The U.S. Commodity Futures Trading Commission (CFTC) planned to have cross-border derivative guidance finished by July 12th, and on June 25th CFTC Chairman Gary Gensler assured Senators that this deadline would be kept, despite some opposition.

Gary Gensler, Chairman of the CFTC, told members of the Senate Appropriations committee that the CFTC would let the extension expire and continue reformation. He also mentioned that swap participants, including big banks, were ready to comply with the regulations. An exemption from cross-border swap regulation is set to expire on June 12th, meaning firms participating in swaps would have to finalize compliance by that date.

Mark Wetjen, another CFTC commissioner, explained in an address on June 25th to the Futures Industry Association expo in London that these firms may need more time under guidance, and that a final policy would have to be ‘clear and workable.’ Republican CFTC commissioners Jill Sommers and Scott O’Malia have also expressed Wetjen’s sentiment. They recommend that the final policy be made keeping foreign regulatory policy in mind, as well as the regulation from the Federal Trade Commission. All three have advocated for a more transitory policy that would ease swap dealers into the period after the deadline.

Another concern for Gensler is the possibility of his term being over before he has time to usher through this regulatory policy. While his term technically expired in April, his position could be reappointed by as early as July. Bart Chilton, another CFTC commissioner, may also be replaced this July.