CFTC hints at new pragmatic approach to substituted compliance

Exemptive pathways and substituted compliance are core concerns for CFTC commissioner Mark Wetjen. He tells Risk.net that in many cases the commission is looking to take a common sense approach to enforcing its regulations, rather than insisting on the letter of the law

Mark Wetjen, CFTC

In an interview with Risk.net at the Futures Industry Association conference in Singapore in December, Commodity Futures Trading Commissioner, Mark Wetjen, stressed the importance of encouraging harmonisation among global regulations.

Consistency of regulations has been a recurring theme in post-crisis reforms as different countries try to assert their own governance and supervision structure on other jurisdictions, making substituted compliance more a theoretical way forward than a genuine