May 29, 2015

CFTC Announces International Affairs Director Sarah Josephson to Assume New Role at Agency

Special Counsel Jeffrey Bandman Named Acting Director

Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC or Commission) Chairman Tim Massad today announced that the Office of International Affairs (OIA) Director, Sarah E. Josephson, has decided to leave her position as director of OIA to return to her previously held position as Deputy Director in the Division of Clearing and Risk (DCR). Ms. Josephson has served the CFTC for eight years, including the past two years as the agency’s Director of OIA. Chairman Massad also appointed Special Counsel, Jeffrey M. Bandman, the Acting Director of OIA while the agency conducts a search for a new director.

Ms. Josephson said, “I am grateful to Chairman Massad, the Commissioners, and the prior CFTC Chair for the opportunity to represent the Commission abroad. I have greatly enjoyed working with the extremely talented OIA staff, as well as staff throughout the Commission, on the many international issues that we face. Unfortunately, the significant travel demands of the job are no longer compatible with my new family commitments.”

As OIA director, Ms. Josephson led a broad array of initiatives designed to enhance coordination and cooperation with foreign authorities and has been the lead advisor to the Commission on international issues and cross-border regulatory matters, particularly regarding implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Ms. Josephson will return to her former position in DCR to concentrate on policy issues related to swaps clearing and clearinghouse oversight.

“Sarah has done an exceptional job representing the Commission internationally and promoting global swaps market reform. She has been instrumental in building close working relationships with our counterparts overseas. While we will miss Sarah in her current role at the agency, I am very pleased she is continuing her public service career as part of the DCR team.” said Chairman Massad.

Mr. Bandman joined the CFTC in 2014 as Special Counsel to the Chairman. At the Commission, he has been advising the Chairman on a range of issues including analysis and negotiation of international CCP equivalence, SEF trading, benchmarks, uncleared swaps margin and data harmonization. He will continue as an advisor to the Chairman. Prior to joining the Commission, Mr. Bandman worked as a lawyer and business executive in New York and London in the derivatives industry in clearing, trading, broking and market data.

Last Updated: May 29, 2015