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The FY 2011 - 2015 Strategic Plan, released in February 2011, incorporated enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) which gave CFTC unprecedented oversight responsibility of the swaps marketplace. This new responsibility is in addition to CFTC's mission of ensuring the fair, open, and efficient functioning of the futures market and represents approximately an eight times growth to the CFTC's regulatory portfolio. The CFTC 2011 - 2015 Strategic Plan remains consistent with prior year's goals, but expands its scope to address the regulation of swaps and the resource growth accompanied with this new mission.
|Goal 1||Protect the public and market participants by ensuring market integrity, promoting transparency, competition and fairness and lowering risk in the system.|
|Goal 2||Protect the public and market participants by ensuring the financial integrity of derivatives transactions, mitigation of systemic risk, and the fitness and soundness of intermediaries and other registrants.|
|Goal 3||Protect the public and market participants through a robust enforcement program.|
|Goal 4||Enhance integrity of U.S. markets by engaging in cross-border cooperation, promoting strong international regulatory standards, and encouraging ongoing convergence of laws and regulation worldwide.|
|Goal 5||Promote Commission excellence through executive direction and leadership, organizational and individual performance management, and effective management of resources.|
The following section includes a high-level discussion of each of the five strategic goals, as well as a tactical goal for Dodd-Frank Act rule making, and the related key results. The selected accomplishments described below demonstrate significant progress made in FY 2012 toward the achievement of the Commission's mission and strategic goals. However, progress in some areas continues to be hampered due to limited resources and staffing resources that were reallocated from existing authorities to new authorities under the Dodd-Frank Act.
The Commission's Annual Performance Report (APR), to be issued in February 2013 as part of its Congressional Budget Justification in conjunction with the President's Budget, will present more detailed analysis of performance results for FY 2012.
The focused rule writing efforts required by the Dodd-Frank Act continue to be treated as a tactical goal that has an Objective, Strategy and Performance Measure. In addition, CFTC staff continues to be diverted from their usual functions to work on Dodd-Frank Act related activities throughout FY 2012. Where proposed and interim final rules have been issued, the Commission remains strong in its position to afford as much opportunity as practicable for public comment both through written submissions and through public meetings. The Commission fully considers the comments and continues to offer this opportunity as additional proposed rules are developed. The CFTC has and will continue to work with the SEC and other regulators to maximize consistency, minimize overlap or duplication, and develop the best possible final rules.
The Dodd-Frank Act set a timeframe of 360 days (or less in a few instances) for completion of the rules. The Dodd-Frank Act was signed by the President on July 21, 2010, making July 16, 2011 the final date for completion of all the rules. The Commission was unable to complete all rules, within this time, for several reasons:
Despite the above limitations, the Commission was able to accomplish the following Dodd-Frank Act related rulemaking tasks within the 360 day time frame:
Actions taken by the Commission since July 2011:
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