Chair Giancarlo explained that his predecessor had taken a very aggressive stance as to the scope of U.S. regulation. Former Chair Gensler effectively asserted that the Europeans would have to implicitly consent to complying with CFTC regulations if they wanted to do any business involving U.S. businesses or markets. The Europeans appropriately, and successfully, pushed back on this proposition.

When Mr. Giancarlo assumed the role of CFTC Chair, he completely, and…

Among the more interesting of Mr. Quintenz's comments were to the effect that the developer of a computer code could be held liable for illegal use of the code by other parties where the developer might have been able to foresee such misuse, and even where the developer was not directly involved in such misuse.

The case serves as a reminder that many of the largest frauds at financial institutions have been perpetrated by employees of those institutions. Revisit your internal controls.

The  because the questions are badly drafted; it is likely that the authors of the questions did not fully understand the relevant law or the economics of the subject matter. Undertaking to improve the form by eliminating useless questions essentially means discarding the form as is. If the regulators want to maintain Form PF (or something under that moniker) as a useful document, they are going to have to go back to the beginning and rethink it entirely.