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CFTC Issues Final Order On Operations During Shutdown

Tuesday, October 1, 2013

Sept. 30 --The Commodity Futures Trading Commission issued a final order Sept. 30 stating that it will continue to process, review and act on certain filing obligations in the event of a government shutdown Oct. 1.

Those filings include financial reports of futures commission merchants, introducing brokers and retail foreign exchange dealers, risk-assessment reports; reports of accountants; capital requirements filings; current books and records filings; clearinghouse reports and emergency rule certifications.

These filings, the commission said in a Federal Register notice, “relate to the commission's obligation to protect the safety of human life or property even during a lapse of appropriations.”

At the same time, the commission said it would be extending any comment period that expires during a shutdown. The extension would be effective until one business day after the commission resumes full operations.

The commission previously said that “the vast majority of the agency's operations” would cease in the event of an Oct. 1 shutdown . The agency said 28 staffers would offer “a bare minimum level of oversight and surveillance” of futures markets, clearing operations, and intermediaries.

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