External Meetings: Federal Advisory Council Meeting

At the meeting, the Chairman gave an overview of the CFTC's internal process for implementing Dodd-Frank. He detailed the work of the rulemaking teams, the expected timeline for the rulemaking, and the upcoming public roundtable schedule. The group noted the importance in developing clear jurisdictional lines between the SEC and the CFTC. The group also discussed what types of OTC derivatives activities would remain permissible for a depository institution in light of Section 716. Lastly, the group asked how the CFTC would address transitioning to the new rules once they had been developed and how it was coordinating with foreign regulators to ensure consistency. The Chairman noted that the statute provided for a minimum 60-day transition period and that the CFTC staff was putting emphasis on international harmonization. Along those lines, the Chairman noted that he would be in Brussels at the end of the month to meet with foreign regulators.