The CFTC voted to seek public input on simplifying and modernizing the Commission’s rules. The action is part of an initiative which has been dubbed “Project KISS.”
The CFTC is seeking ideas from industry, other stakeholders and interested parties, and the broader public on where the CFTC rules can be simplified and made less costly to comply. CFTC Acting Chairman J. Christopher Giancarlo cautioned however, that this exercise is not about identifying existing rules for repeal or even rewrite. It is about taking CFTC’s existing rules as they are and applying them in ways that are simpler, less burdensome and less of a drag on the American economy.
The CFTC noted President Trump issued an executive order furthering his regulatory reform agenda to stimulate economic growth. The President’s executive order directed federal agencies to designate a Regulatory Reform Officer and establish a Regulatory Reform Task Force. While the CFTC is not directly covered by the President’s order, Mr. Giancarlo said the agency will review all CFTC rules with the ultimate goal to reduce regulatory burdens and costs for participants in the markets the agency oversees. Mr. Giancarlo designated Chief of Staff Michael Gill as CFTC’s Regulatory Reform Officer, who has been leading Project KISS and the work of the taskforce within the agency. Any rule change recommendations will be pursuant to the provisions in the Administrative Procedures Act.
