Following CFTC banning 71 Binary Options and Forex Brokers, the Commission now announces an effort to simplify rules as CFTC Project KISS Enters New Phase. What do we know about the US CFTC “Project KISS”?
4 May, AtoZForex – The US Commodity Futures Trading Commission (CFTC) announces to seek public input on simplifying and modernizing its rules. In March, CFTC’s Acting Chairman J. Christopher Giancarlo launched Project KISS that stands for “Keep It Simple Stupid”. This project is an agency-wide review of the Commission rules, regulations, and practices to make them more simple, less troublesome, and less expensive.
US CFTC Project KISS Enters New Phase
The Project KISS was launched after the US President issued an executive order in February this year. Additionally, this order mandated Trump’s regulatory reform agenda to encourage economic growth. Also, all federal agencies are directed to explore how to simplify their rules. Moreover, the CFTC is asking for ideas from the industry participants and the public. The CFTC opens up for feedback, in which areas of the Commission’s rules can be abridged and made less expensive.
According to CFTC Chair Christopher Giancarlo, this project is not about categorizing existing rules for repeal or even rewrite. However, it is about taking the Commission’s existing rules as they are and applying them in those parts that can be simplified to make them less troublesome and less of a drag on the country’s economy. Mr. Giancarlo added:
“At times the CFTC rules are unnecessarily complex. The harder they are to understand and costly to follow, the less dynamic and vibrant these markets become. When that happens, goods we buy like groceries, heating oil and airline tickets get more expensive because their production prices cannot be easily hedged. Industry will still have to comply with CFTC rules and Congressional laws, but we need to be able to do so in a way that makes sense and reduces regulatory burdens.”
Where can the public submit their inputs?
The US President’s executive order directed all federal agencies to appoint a Regulatory Reform Office and to form a Regulatory Reform Task Force. Even though the Commission is not strictly bound by the executive order, Mr. Giancarlo said that the CFTC will review all its rules. However, the Commission will do so with the ultimate goal of reducing regulatory burdens and expenses for market participants that fall under the CFTC jurisdiction.
Furthermore, the CFTC Chair designated Michael Gill, who is the Chief of Staff, as the Commission’s Regulatory Reform Officer. Mike Gill has been responsible for leading the Project KISS and directing the CFTC task force within the Commission.
Moreover, the CFTC is asking the public to submit their ideas and sensible recommendations by emailing the Commission on projectkiss@cftc.gov or by visiting cftc.gov/projectkiss. The closing date for this is set as September 30, 2017, by the US financial regulator CFTC. Below you can read the original press release as the CFTC announcement.
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