Energy Metro Desk "Drums along the Potomac" Focuses on CFTC 2014 Priorities
Linked below is an article titled "CFTC Off to a Good Start" featured in the Energy Metro Desk series, "Drums along the Potomac," which focuses on the CFTC priorities in 2014, including how the CFTC will approach data collection in the new year and the two Memoranda of Understanding ("MOUs") between the CFTC and FERC.
According to the article, CFTC Commissioner O'Malia called for the CFTC to review its existing rules regarding market data and make necessary changes, stating that the CFTC "didn't ask for the right material, the right data, in the right format." The article also noted that CFTC Chair Wetjen announced the creation of a staff working group to review certain swaps recordkeeping and reporting provisions. The article referenced a Cadwalader Cabinet Newscomment by Steven Lofchie, who stated that this is a much welcomed and needed change in a post-Gensler CFTC and that "Wetjen is quietly and gradually taking steps to clean up the rulemaking mess he inherited." Mr. Lofchie further noted that market participants spend "huge amounts of money to produce data that cannot even be stored by the regulators."
Additionally, the article discussed the two MOUs "over three years in the making" between FERC and the CFTC regarding information sharing and overlapping jurisdictional issues. Referenced in the article is Cadwalader Attorney Paul Pantano, who stated that "MOUs provide market participants with notice that their trading activity is being monitored by both agencies and that any confidential information that they produce in either a CFTC or FERC investigation is highly likely to be shared between the agencies." The article explained that the MOUs shows the agencies' willingness to take steps to avoid duplicate information requests and coordinate oversight.
Click here to view the article.The above link is an excerpt from the most recent issue of Energy Metro Desk, which is published biweekly by Scudder Publishing Group, an energy trade news publishing company based in the Washington, D.C. metropolitan area. Those interested in learning more about the Energy Metro Desk may do so by linking to www.energymetro.com or emailing [email protected]. Reprinted with permission of the publisher, Scudder Publishing Group, LLC. Copyright 2014.
See:YouTube Link for "Drums along the Potomac.Related news: FERC and CFTC Sign MOUs Regarding Jurisdiction and Information Sharing (January 2, 2014); CFTC Commissioner O'Malia: "It's Time to Review Our Rules and Make Necessary Changes" (with Lofchie Comment) (January 27, 2014).