Trade Associations Submit Comments on CFTC's Handling of Cross-Border Issues (with Lofchie Comment)

SIFMA and 12 other trade associations, including the ABA, FSR, ICI, ISDA, and FIA, submitted joint comment letters to the Chairmen and Ranking Members of the U.S. Senate Banking and Agriculture Committees over the cross-border application of Dodd-Frank. The trade associations expressed their concerns regarding the anticipated expiration of an Exemptive Order issued by the CFTC due to the existing misalignment between the SEC, CFTC and foreign jurisdictions.

Lofchie Comment: The letter is an unusually direct criticism by entities of the Chairman of a body that regulates them, although it does not mention Chairman Gensler by name. These joint comment letters were submitted in anticipation of Friday's meeting of the CFTC on cross-border issues.See: CFTC to Hold Open Meeting to Consider Cross-Border Final Guidance; and Cross-Border Phase-In Exemptive Order.

See: Comment Letter.See also: CFTC Commissioner Sommers Supports Wetjen, Democratic Senators Caution Gensler (with Lofchie Comment); Trade Associations Request a Six-Month Extension of the CFTC's Cross-Border Exemptive Guidance (June 10, 2013).