CFTC Commissioner Calls For Principles-Based Approach To Dodd-Frank Reforms

CFTC Commissioner Rostin Behnam advocated for a principles-based approach to the implementation of Dodd-Frank initiatives and encouraged the Financial Stability Oversight Council ("FSOC") to take several steps to address FinTech-related regulatory issues.

In remarks at the Futures Industry Annual Conference in Boca Raton, Florida, Mr. Behnam voiced his opposition to the "wholesale rollbacks of Dodd-Frank," instead calling for a principles-based approach focused on tailoring regulations to the risk profiles of particular entities. To accomplish this, he said, would require clear regulatory guidance, adequate means to measure and ensure compliance, and a commitment to enforcement efforts. Mr. Behnam warned against undermining the core principles of Dodd-Frank regulation, but supported efforts to address the unintended consequences. Mr. Behnam also urged the CFTC to adhere to its established processes, rules and statutes rather than relying on ad hoc determinations to