CFTC CANCELS 4/29/24 OPEN meeting that was set to consider Capital and Financial Reporting Requirements for Swap Dealers and Major Swap Participants & Amendments to the Large Trader Reporting Rules--taken up via seriatim instead.
What does seriatim mean?
"Through the seriatim process, the Commission considers and votes by written procedure pursuant to which the recommendations are considered separately by each Commissioner in turn (i.e., in seriatim). Each participating Commissioner will report her or his vote on the recommendation to the Secretary of the Commission."
So what did CFTC vote on that they didn't want to vote on in an OPEN meeting?
- Final Rule: Capital and Financial Reporting Requirements for Swap Dealers and Major Swap Participants
- Final Rule: Adopting Amendments to the Large Trader Reporting Rules for Futures and Options
TLDRS
- CFTC canceled its OPEN meeting scheduled for April 29, 2024, which was intended to discuss new regulations affecting swap dealers and major swap participants, as well as amendments to the large trader reporting rules.
- Instead of holding an OPEN meeting, CFTC opted for a seriatim process, where each Commissioner considered and voted on the recommendations independently by written procedure--out of public view.
- The items voted on via the seriatim process were the final rule on capital and financial reporting requirements for swap dealers and major swap participants, and the final rule adopting amendments to the large trader reporting rules for futures and options.
- The decision to use the seriatim process instead of voting in an open meeting raises questions about transparency and public participation in the decision-making process--what are they trying to sweep under the rug?
- Especially as the adoption of these rules represents significant regulatory changes for the oversight of derivatives markets, impacting compliance and obligations for participants.
