Government Shutdown and the CFTC
The CFTC issued a final order to provide for the continuation, shutdown and resumption of certain operations of the CFTC, and to alert all persons regulated by or engaged in proceedings at the CFTC of these provisions in the event of a lapse in appropriations. The following issues are addressed in the attached release:
- Tolling and Extension of Certain Procedural Time Limits.
- The CFTC shall not process any filings or review any matters for Commission approval or action to the extent that the matters are not directly related to the protection of property for the duration of a shutdown.
- Procedures and Time Limits Not Extended or Tolled.
- In order to fulfill its obligations to protect property during a lapse in appropriations, which includes market surveillance and intermediary oversight, the CFTC shall continue to process and review filings required of a registered entity or intermediary under certain Commission regulations, and take any action necessary and appropriate to preserve property with respect to these filings.
- Extension of Open Comment Periods on Proposed Regulation and Other Matters That May Be Subject to a Request for Comment by the Commission.
- Any comment period for a proposed rulemaking or other matter that may be subject to a request for comment by the CFTC that terminates during a shutdown shall be extended until one business day after the Commission resumes full operations after a shutdown.
- Resumption of Commission Operations.
- The CFTC shall provide notice of the resumption of its operations at the conclusion of a shutdown on its website at www.cftc.gov.
See: CFTC Order (links externally to CFTC website).