Testimony of CFTC Chairman Gary Gensler before Subcommittees of the U.S. House Financial Services Committee (Testimony)

Testimony of CFTC Chairman Gensler on the Volcker Rule

Chairman Gensler testifies on the the CFTC's proposed rule with respect to the Volcker Rule, which would apply to the activities of the banking entities' CFTC-registered affiliates and subsidiaries, such as futures commission merchants (FCMs), swap dealers, and commodity pool operators. He observes that in the case of a joint FCM/broker-dealer that is a banking entity, the CFTC has Volcker Rule jurisdiction over the FCM's activities, while the SEC's regulations would apply to the broker-dealer activities.

Cross References: Dodd-Frank Section 619; Federal Register: Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Covered Funds.