Commissioner O’Malia Speech Criticizes the CFTC’s Implementation of Dodd-Frank

CFTC Commissioner Scott D. O’Malia delivered a speech highlighting what he viewed as some of the principal failures of the CFTC’s rulemaking.  The problems he claimed in the speech were: (i) the recordkeeping rules do not work and the CFTC is not able to use the information it receives; (ii) there is not even draft guidance on how substituted compliance should be implemented and the expiration date of the CFTC’s guidance is nearing; (iii) the CFTC’s rules on business conduct fail to take into account how market participants actually trade; and (iv) the CFTC does not perform any meaningful cost-benefit analysis of its rules. 

See: Foreign Exchange Committee, Forum on the Dodd-Frank Act and the Foreign Exchange Market.

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