The Senate Agriculture Committee questioned members of the Commodity Futures Trading Commission and the Securities and Exchange Commission on Tuesday regarding implementation of the 2010 Dodd-Frank Act.
SAC Chairwoman Debbie Stabenow said that the industry is still waiting for the finalization and effective date of several rules that affect clearing and trading, capital and margin, swap execution facilities and block trading.
CFTC Chairman Gary Gensler told the SAC that the agency and its staff members have held 18 public roundtables regarding Dodd-Frank. Additionally, Gensler said that the agency has received more than 35,000 comment leaders, all of which must be read and considered carefully.
“Last summer, we turned the corner and started finalizing rules,” Gensler said, according to Feedstuffs. “To date, we’ve completed 35 rules and now have fewer than 20 to go.”
Of all the regulatory agencies required to issue new rules under Dodd-Frank, the CFTC has led the way in the finalization of rules. Of 60 rules assigned to the CFTC, as of July 2, the regulator has finalized 39 rules.
Industry participants have, as a result of delayed rule implementation, expressed uncertainty regarding the regulatory future. Critics of the financial reforms argue that the compliance burden will be too much for many participants.
“The length and complexity of many of the final rules combined with short compliance timelines are making the compliance progress nearly impossible for many of our members,” Thomas Erickson, the vice president of government and industry affairs at Bunge North America and representation for the Commodity Markets Council, said, Feedstuffs reports.