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CFTC Solicits Comments on KISS Initiative

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Commentary by Bob Zwirb

The CFTC is soliciting comments on simplifying rules and practices to make them "less costly to comply." Acting Chair J. Christopher Giancarlo stated that responses to the Project KISS ("Keep It Simple, Stupid") initiative should focus on enhancements rather than rewrites or repeals.

In the wake of President Trump's executive order directing federal agencies to review existing practices (see prior coverage), the CFTC launched Project KISS in order to examine, evaluate and, ultimately, lessen regulatory burdens and costs for market participants. Acting Chair Giancarlo said that the industry will "still have to comply with CFTC rules and Congressional laws," but added that it "need[s] to be able to do so in a way that makes sense and reduces regulatory burdens."

Comments are due by September 30, 2017.

Commentary

This is a great start. But in light of the CFTC's new Market Intelligence Chief's recent observation that after eight years of rule creation, "I think we're at the point now where we need to ask, do all these rules make sense?", would it not be prudent to expand the scope of this review and shine a light on those rules, and daresay statutory provisions, that no longer "make sense"?

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