CFTC’s Lukken calls for new financial regulation in US
Walter Lukken, acting chairman of the Commodities Futures Trading Commission (CFTC), called for the US to scrap current regulatory systems in favour of a new objectives-based framework, in a speech to the Futures Industry Association on November 11.
The new framework would consist of “three new primary authorities: a systemic risk regulator, a market integrity regulator and an investor protection regulator,” said Lukken.
The proposed regulatory system would replace the current CFTC, the Securities and Exchange Commission (SEC) and banking regulators.
“Regulation by objective rather than function will ensure that all products and institutions are properly overseen based on identified public risks rather than futile and difficult
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