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CFTC planning to shift resources to support Dodd-Frank regulations

The U.S. Commodity Futures Trading Commission announced this week that it plans to shift its resources to uphold current Dodd-Frank regulations in 2012.

In an agency report on its own performance, the CFTC said that goals to review CME Group Inc., the Chicago Board of Trade and ICE Futures U.S. for compliance with agency statutes in exchange-traded markets were not met for the year ending Sept. 30, 2011.

The CFTC’s 2013 budget said that the agency would shift staff from the enforcement division to oversee incoming registration applications mandated under the Dodd-Frank Act.

“The commission acknowledges that this realignment creates risks in its critical oversight roles,” the CFTC said in its budget plan.

“The agency’s performance is affected by the challenges of limited resources,” CFTC Chairman Gary Gensler said in the budget request, Bloomberg reports.

The Securities and Exchange Commission and CFTC are spearheading efforts to write new regulations under Dodd-Frank and hope to have completed swaps guarantee rules by this year.

Oversight changes in the futures market have been a matter of interest for the CFTC since MF Global Holdings Ltd. crashed last year. CFTC Chairman Gary Gensler requested that the agency’s staff members develop recommendations for the agency’s oversight responsibilities.

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