Remarks before the Institute of International Bankers, Annual Washington Conference

CFTC Speeches

March 7, 2011

CFTC Commissioner Jill Sommers called for:

• extended and more flexible time deadlines for implementing Dodd-Frank requirements;
• setting the precise scope of Dodd-Frank with respect to the cross-border activities of foreign banks;
• harmonizing our rules to the greatest extent possible with the SEC, other U.S. regulators and our foreign regulatory counterparts to ensure that we accomplish the overall objectives of "reducing systemic risk and limiting opportunities for regulatory arbitrage";

Commissioner Sommers also noted that the CFTC is out of step with non-U.S. regulators implementing trade execution requirements for standardized swaps, setting position limits, and establishing rules relating to conflicts of interest that may arise in connection with the execution or clearing of swaps.

Cross References

Dodd-Frank Act, Title VII