Statement of CFTC Chairman J. Christopher Giancarlo on the Final Rule Regarding Financial Surveillance Examination Program Requirements for Self-Regulatory Organizations (1.52)

March 28, 2018


This Project KISS final rule regarding financial surveillance examination program requirements for self-regulatory organizations (SROs) will revise and appropriately limit the scope of a third-party expert’s evaluation of a SRO’s financial surveillance program, and extend the minimum timeframes from three to five years from when a SRO must engage a third-party expert to evaluate its FCM standards for consistency with certain auditing standards.  All of the comments received were in support of this proposal.  I also support it because it will reduce the burdens and costs for SRO examinations, without reducing their effectiveness.  It also more appropriately balances and recognizes the role and capabilities of the Commission’s oversight expertise.