Commissioners attack CFTC's no-action letters
On 36 Dodd-Frank Act rules, the CFTC has issued more than 200 no-action letters or other pieces of guidance, according to Scott O'Malia. One of his former colleagues claims commissioners only saw many of these documents "the night before they were issued"
Current and former commissioners of the Commodity Futures Trading Commission (CFTC) have denounced the agency’s use of no-action letters and staff guidance under the reign of former chairman Gary Gensler, claiming the various exemptions and exclusions papered over cracks in the regulator’s Dodd-Frank Act rules and cut commissioners out of the rule-making process.
One current and four former commissioners were speaking at the annual conference of the Futures Industry Association in Florida about
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