CFTC Votes to Dismiss Appeal of 2011 Position Limits Rule

The CFTC voted to dismiss its appeal of the federal district court decision to strike down the CFTC's 2011 position limits rule.CFTC Commissioner O'Malia released a statement regarding the dismissal of the appeal, saying that the CFTC "should never have pursued an appeal in the first place." According to O'Malia, it was clear that the original draft of the rule was not well prepared, and the CFTC should have worked to propose an entirely new rule rather than pursue the old rule while simultaneously drafting a new proposed rule. Commissioner O'Malia stated, "Wasting valuable taxpayer dollars on this legal dead-end is especially troubling given today's austere budget situation."

See: Commissioner O'Malia's Statement. Related news: CFTC to Court: Position Limits Appeal Will Be Dropped if New Rule Reached on Nov. 5 (with Lofchie Comment) (October 28, 2013); Blog Post Quotes Commissioner Wetjen on Position Limits (October 23, 2013); CFTC Commissioner O'Malia Blasts Cross-Border Guidance and Potential Position Limits Rule (with Lofchie Comment) (September 26, 2013); ISDA and SIFMA v. CFTC Court Date Set for Oral Arguments on Position Limits (August 23, 2013); CFTC's Appeal Brief on Position Limits Litigation (with Zwirb Comment) (July 24, 2013); Interested Parties Submit Opposing Amicus Brief in ISDA v. CFTC Position Limits Case (with Zwirb Comment) (June 25, 2013).