Statement of Commissioner J. Christopher Giancarlo in Support of Adoption of Amendments to CFTC Regulation 1.22 (Residual Interest Deadline for Futures Commission Merchants)

March 17, 2015

I support the Commission’s action to change the residual interest deadline, if necessary or appropriate, only upon a Commission rulemaking following a public comment period. This approach will allow the Commission to better understand the market impacts and operational challenges of moving the residual interest deadline. This approach is especially important given the likely negative impacts on smaller futures commission merchants who provide our farmers, ranchers and rural producers with critical risk management services.

I call on the Commission to take the same deliberative approach to the de minimis exception to the swap dealer definition so that the de minimis level does not automatically adjust from $8 billion to $3 billion, absent a rulemaking with proper notice and comment. Like today’s proposal, the Commission should only adjust the de minimis threshold if necessary or appropriate after it has considered the data and weighed public comments.

Last Updated: March 17, 2015