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Regulatory Structure and Processes
Restoration of Exemptive Authority
Treasury recommends that Congress restore the CFTC’s and SEC’s full exemptive authority and remove the restrictions imposed by Dodd-Frank.
Improving Regulatory Policy Decision Making
Treasury reaffirms the recommendations for enhanced use of regulatory cost-benefit analysis discussed in the Banking Report for the SEC and the CFTC.
Treasury recommends that the CFTC and the SEC, when conducting rulemakings, be guided by the Core Principles for financial regulation laid out in Executive Order 13772, as well as the principles set forth in Executive Orders 12866 and 13563, and that they update any existing guidance as appropriate.
Treasury recommends that the agencies take steps, as part of their oversight responsibilities, so that self-regulatory organization (SRO) rulemaking take into account, where appropriate, economic analysis when proposed rules are developed at the SRO level.
Treasury recommends that the CFTC and the SROs issue public guidance explaining the factors they consider when conducting economic analysis in the rulemaking process.
Treasury encourages the CFTC and the SEC to make fuller use of their ability to solicit comment and input from the public, including by increasing their use of advance notices of proposed rulemaking to better signal to the public what information may be relevant.
Treasury recommends that the CFTC and the SEC conduct regular, periodic reviews of agency rules for burden, relevance, and other factors.
Treasury supports the goals of principles-based regulation and recommends that the SEC and the CFTC consider using this approach, to the extent appropriate and consistent with applicable law.
Treasury believes that the CFTC and the SEC should continue their joint outcomes-based effort to harmonize their respective rules and requirements, as well as cross-border application of such rules and requirements.
Treasury recommends that the CFTC and the SEC avoid imposing new requirements by no-action letter, interpretation, or other form of guidance and consider adopting Office of Management and Budget’s Final Bulletin for Agency Good Guidance Practices.
Treasury recommends that the CFTC and the SEC take steps to ensure that guidance is not being used excessively or unjustifiably to make substantive changes to rules without going through the notice and comment process.
Treasury recommends that the CFTC and the SEC review existing guidance and revisit any guidance that has caused market confusion and compliance challenges.
Treasury recommends that the agencies undertake a review and update the definitions so that the Regulatory Flexibility Act analysis appropriately considers the impact on persons who should be considered small entities.
Treasury recommends that the CFTC and the SEC conduct comprehensive reviews of the roles, responsibilities, and capabilities of the SROs under their respective jurisdictions and make recommendations for operational, structural, and governance improvements of the SRO framework.
Treasury recommends that the agencies identify any changes to underlying laws or rules that are needed to enhance oversight of SROs.
Treasury recommends that each SRO adopt and publicly release an action plan to review and update its rules, guidance, and procedures on a periodic basis.
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