The House Agricultural Committee has passed rules to limit the CFTC's issuance of no-action letters
The authority overseeing the Commodity Futures Trading
Commission (CFTC) has approved legislation limiting the
regulator’s ability to enforce its rules overseas,
curbing the spate of recent eleventh-hour relief letters,
writes Jonathan Watkins.
The House Agriculture Committee, which holds jurisdiction
over the CFTC, introduced the bipartisan legislation with the
new enforcements while reauthorising the US
watchdog’s regulatory delegations until September
Describing the CFTC’s rulemaking process as
'less than ideal’, the committee has inducted
restrictions on the granting of relief to overseas entities,
which the commission has been distributing en masse.
While finalising over 60 new rules in the market, the CFTC
has issued 170 no action letters.
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