CFTC Commissioner Jill Sommers Addresses Cross-Border Swaps Issues (Important Announcement) (with Lofchie Comment)

In a speech before the Global Markets Advisory Committee ("GMAC"), CFTC Commissioner Jill Sommers stated that the CFTC was seeking comments to apply a "sensible approach to . . . cross-border matters," and announced that Ron Filler (current Director of the Center for Financial Services Law at New York Law School) would be serving in a newly created role as an outside GMAC Chairman.

Lofchie Comment: Mr. Filler is a well-known and respected figure within the derivatives industry. Given the very significant criticism that the CFTC has absorbed as to its existing assertions of extra-territorial jurisdiction, it would seem likely that this initiative by Commissioner Sommers through the GMAC will create a fresh opportunity for the agency to re-think its approach to international issues.