CFTC Commissioner Giancarlo Calls for Staff Advisory 13-69 to Be "Scrapped"

CFTC Commissioner J. Christopher Giancarlo was highly critical of the CFTC's no-action letter that extended relief to non-U.S. swap dealers from certain transaction-level requirements under the Commodity Exchange Act. In a public statement, he stated that "the benign-sounding 'Staff Advisory 13-69' should be permanently withdrawn because it represents a threat to American jobs and vital financial markets." Commissioner Giancarlo asserted that "when a regulatory action needs five delays, I think we all can admit that it is just not workable and should be scrapped," and that "doing so would be a good first step to helping market participants cope with an increasingly complex, conflicting and costly array of CFTC cross-border regulations."

See: Commissioner Giancarlo's Statement.
Related news: CFTC Divisions Extend Time-Limited No-Action Letter of Transaction-Level Requirements in Certain Cross-Border Situations (August 13, 2015); CFTC Issues Extension to No-Action Letter on Applicability of Transaction-Level Requirements in Certain Cross-Border Situations (CFTC Letter 14-74) (with Flynn Comment) (June 4, 2014); CFTC Announces Global Markets Advisory Committee Meeting on Cross-Border Issues (January 28, 2014); House Financial Services Committee Chairman Criticizes CFTC Regarding Transaction-Level Requirements in Certain Cross-Border Situations (with Lofchie Comment) (November 18, 2013) CFTC Issues Advisory on Applicability of Transaction-Level Requirements in Certain Cross-Border Situations (CFTC Letter 13-69) (with Lofchie Comment) (November 14, 2013).