In yesterday's newsletter, we identified two CFTC Advisories as newly updated guidance on cooperation that can affect civil monetary penalties in enforcement actions. The updates are current, but they are not new.
News & Insights
Five broker-dealers, three dually registered broker-dealers and investment advisers, and two affiliated investment advisers settled charges with the SEC and CFTC for recordkeeping violations after failing to preserve electronic business-communications made using their personal devices.
In a wide ranging interview with Risk Desk Editor-in-Chief John Sodergreen, Acting CFTC Chair J. Christopher Giancarlo expressed his views "on market growth, killing bad policy and rules, staffing the agency, fintech, matters of market jurisdiction and his relationship with FERC."
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."
In a "CFTC Talks" podcast, Acting Comptroller of the Currency Keith Noreika asserted that Dodd-Frank regulation has become a "competitive barrier" to entry for banking entities.