In a speech before the Global Markets Advisory Committee (“GMAC”), CFTC Commissioner Jill Sommers stated that the CFTC was seeking comments to apply a “sensible approach to… cross-border matters,” and announced that Ron Filler (current Director of the Center for Financial Services Law at New York Law School) would be serving in a newly created role as an outside GMAC Chairman.
Lofchie Comment: Mr. Filler is a very well known and respected figure within the derivatives industry. Given the very significant criticism that the CFTC has absorbed as to its existing extra-territorial assertions, it would seem likely that this initiative by Commissioner Sommers through the GMAC will create a fresh opportunity for the agency to re-think its approach to international issues.
Click here to view speech in full (links externally to CFTC website).
Link here to information on the CFTC Global Markets Advisory Committee.
Link here to information on Ron Filler.