Housekeeping – August 2017

Written by:

Mark E. Ruddy, Esq.

Maria Fielding, Legal Assistant


Three of the Commodity Futures Trading Commission (“CFTC”) Nominees Confirmed

The United States Senate confirmed J. Christopher Giancarlo as Chairman and Rostin Behnam and Brian Quintenz as commissioners of the CFTC. The Senate did not vote on the fourth and final nominee currently awaiting confirmation, Dawn DeBerry Stump. As announced in Press Release pr7602-17, Commissioner Quintez was sworn in on August 15, 2017.

As acting Chairman, Giancarlo already proposed earlier this year notable restructuring of the CFTC as well as a more thoughtful approach regarding rules and regulations and public responses made by the CFTC. The notion that the CFTC should be reducing the regulatory burdens in alignment with a February 24, 2017 executive order is a key objective for Chairman Giancarlo. Chairman Giancarlo did emphasize, however, that enforcement action would continue to be implemented thoroughly and consistently.

Revision to 4s Submission and Review Process

Swap dealers and major swap participants (collectively, “SD”) are no longer required to submit documentation for any Section 4s of the Commodity Exchange Act (“4s”) topic; aside from certain documentation concerning an SD’s risk management program. In order to satisfy the requirement set forth under CFTC Regulation 3.10(a)(v)(A), all SD will submit an attestation ensuring they have in place policies and procedures that render the SD in compliance with the CFTC Regulations.

The NFA issued Notice to Members I-17-14, which provides further detail on 4s submissions.

“CFTC Talks” Podcast

The CFTC announced August 4, 2017, in Press Release pr7597-17, the launch of a new podcast: “CFTC Talks.” Slated to include a variety of guest who will speak on issues related to CFTC-regulated markets and issues, the podcast is hosted by the CFTC’s Chief Market Intelligence Officer, Andrew “Andy” Busch.

Episodes of “CFTC Talks” currently available for download, as well as the transcripts for each podcast, can be found on the CFTC’s podcast page.

CFTC Regulation 150.4 Position Aggregation Requirements Relief

The CFTC’s Division of Market Oversight (“DMO”) is granting further relief regarding certain position aggregation requirements within CFTC Regulation 150.4. Announced in Press Release pr7600-17 on August 10, 2017, this relief will apply through August 12, 2019.

The CFTC issued Letter No 17-37 detailing the relief.

For further information about any of the topics covered, please feel free to contact Ruddy Gregory, PLLC ( or 202-797-0762.