Commissioner Wetjen explained how he was persuaded to support the CFTC’s Cross-Border Guidance and Exemptive Order. As to the timing, Commissioner Wetjen said (i) on the one hand, the CFTC “was not in a good position to delay these [cross-border] policy judgments any longer and (ii) on the other hand, “it could turn out that these compliance dates are too aggressive with respect to certain requirements,” and thus the CFTC should be prepared to issue delays.
Lofchie Comment: On the issue of timing, the new requirements can not reasonably be achieved. Thus, we re-experience this seemingly endless cycle of the CFTC bringing forth requirements with unrealistic compliance dates, and so no-action relief must be issued (often after the compliance date has passed), which restarts the cycle yet again.