CFTC Commissioner Chilton made a speech reviewing and addressing the final implementation phases of the Dodd-Frank Act. Commissioner Chilton discussed his ideas as to how the process can move forward quickly, responsibly and effectively in implementing financial market reform. Specifically, he suggests the following two points:
- Compliance with Dodd-Frank rules should be required by those that have requested guidance or relief when individual, reasonable requests for clarification or other relief have been addressed sufficiently, which could happen in the next few days, or it could take longer depending upon the issue.
- Only in this (limited) meantime, it would not be appropriate, reasonable, or responsible for the Commission to proceed against entities for non-compliance with a Dodd-Frank rule unless and until they have received a response from the Agency to an existing request. In any event, I cannot envision the Commission moving forward with such an action.
View statement in full here (links externally to CFTC website).