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ARTICLE · 23 JANUARY 2019

Significant Regulatory, Jurisdictional And Enforcement Challenges Ahead For CFTC

Skadden, Arps, Slate, Meagher & Flom LLP
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In 2018, the Commodity Futures Trading Commission (CFTC or Commission) began operating with a full complement of five commissioners for the first time since 2014.

United StatesFinance and Banking
Mark D. Young
Mark D. Young
Jonathan Marcus
Jonathan Marcus
Theodore M. Kneller
Theodore M. Kneller
Rachel Kaplan Reicher
Rachel Kaplan Reicher
Jeongu Gim
Jeongu Gim
Daniel B. O'Connell
Daniel B. O'Connell

In 2018, the Commodity Futures Trading Commission (CFTC or Commission) began operating with a full complement of five commissioners for the first time since 2014. Soon thereafter, it held a rare open meeting to propose major revisions to its rules for swaps trading. CFTC Chairman J. Christopher Giancarlo is the driving force behind this proposal, having long advocated for expanding swaps trading on self-regulating exchange-like platforms called swap execution facilities (SEFs). Whether Giancarlo will see his handiwork through to adoption is unclear, however, as he has announced he will be leaving the agency once his term expires in April 2019 and his successor is confirmed by the Senate. The White House already has announced its nominee to replace Giancarlo — Heath P. Tarbert, currently the assistant secretary for international markets at the Treasury Department.

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