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.
CFTC Acting Chair J. Christopher Giancarlo asserted that the CFTC must "reinterpret its regulatory mission" by (i) fostering economic growth, (ii) enhancing U.S. financial markets and (iii) "right-sizing its regulatory footprint."
President Trump signed an Executive Order mandating that each regulatory agency (i) establish a Regulatory Reform Task Force, and (ii) designate an official as a Regulatory Reform Officer.