The Commodity Futures Trading Commission on Wednesday voted to seek public comment on simplifying and modernizing the commission's overall rules.
Announced in March by J. Christopher Giancarlo, the CFTC's acting commissioner, as Project KISS — Keep It Simple, Stupid — the comment period will be part of an agencywide review of CFTC rules, regulations and practices, the CFTC said in a news release.
“At times, CFTC rules are unnecessarily complex, and the harder they are to understand and costly to follow, the less dynamic and vibrant these markets become,” Mr. Giancarlo said in the release. “Industry will still have to comply with CFTC rules and congressional laws, but we need to be able to do so in a way that makes sense and reduces regulatory burdens.”
Comments are being solicited not only from firms and organizations regulated by the CFTC but from the general public as well.
Mr. Giancarlo said in the release that instead of repealing or rewriting existing rules, the intent of Project KISS is to take existing CFTC rules and applying them in easier, less burdensome ways.
All signed comments and submissions, and those deemed appropriate by the commission, will be posted on the CFTC's website.