CFTC Chair Opposes Proposed EU Cross-Border Legislation

CFTC Chair J. Christopher Giancarlo warned European Union regulators that the agency does not approve of and will oppose any proposed cross-border legislation that is conflicting or overly burdensome.

In remarks at the Futures Industry Association Expo, Mr. Gianacarlo warned that, if the EU imposed such policies, he would see that the CFTC took material responsive measures. If any foreign jurisdiction were to adopt measures to the detriment of U.S. firms, Mr. Giancarlo stated, the CFTC could delay or withdraw existing exemptions from entities based in "particular overseas jurisdictions." He said that "[o]ther effective options are available in conjunction with fellow U.S. regulatory agencies" and that "the CFTC will not allow U.S. market participants to be put in the completely untenable position of having to choose between violating domestic laws and regulations or violating foreign laws and regulations."