The CFTC Says it Looked at All of the Comment Letters (with Lofchie Comment)

In the attached report, GAO reviewed the CFTC's new rule on the clearing exemption for swaps between certain affiliated entities. GAO found that the CFTC complied with the applicable requirements in promulgating the rule, with the exception of the 60-day delay in effective date requirement.

Lofchie Comment: This is a most unusual document. The CFTC essentially self-certified that it had complied with the Administrative Procedure Act. The GAO did not seem to conduct any independent review of the CFTC's compliance.

Click here to view the report in full (links externally to GAO website).