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External Meetings: U.S. Chamber of Commerce VIP Board Dinner
U.S. Chamber of Commerce
While attending a dinner at the U.S. Chamber of Commerce, the Chairman detailed the status of the CFTC's Title VII rulemaking program, noting the status of existing proposals, the plans to propose the remaining rules, the process for finalizing rules, and the process for implementing the rules after they go final. The Chairman then took questions from those in attendance. The questions addressed:~ ~1. International Harmonization - one questioner asked about the CFTC's collaboration with other regulators, including those from foreign jurisdictions. The Chairman explained how the CFTC's rulemaking teams regularly work with both domestic and foreign regulators. He explained how it's critical for U.S. regulations to be as close to those in other jurisdictions as possible so as not to put U.S. companies at a disadvantage. He did, however, note that there are certain statutory requirements in Dodd-Frank that U.S. regulators must follow, which may result in differences in the regulatory regimes.~ ~2. Implementation and Technology - another questioner asked about the CFTC's plans for implementing the rules and whether the agency was taking into account technology, IT, and connectivity challenges. The Chairman responded that the CFTC has been having regular meetings with market participants about thse issues, and have specifically discussed the need to ensure that the infrastructure functions before mandating its use.~ ~3. One questioner asked if the CFTC was looking into the possibility of pushing some market participants to clear more transactions before the mandates become effective. The Chairman noted that the CFTC was focused on the rules and getting them final.~ ~4. One questioner asked about the possibility of seeking legislation to bring financial end-users into the end-user exemption. The Chairman declined to support that proposal.