US derivatives regulator the Commodity Futures Trading Commission on Tuesday issued a Request for Information asking firms to identify rules and staff guidance that impede fintech partnerships with federally regulated institutions.
The RFI covers more than formal regulations. It asks commenters to flag guidance documents, orders, no-action letters and other items that create friction, as well as items that could be amended to streamline application processes for eligible fintech firms.
Under Executive Order 14405, signed on May 19, “federally regulated institutions” includes insured depository institutions, credit unions, broker-dealers, investment advisers and futures commission merchants. That last category gives the consultation direct relevance for the derivatives market.
The executive order requires each federal financial regulator to complete its review within 90 days of the order and to take steps to encourage innovation within 180 days. The CFTC is one of six agencies covered, alongside the SEC, FDIC, OCC, NCUA and CFPB.
The comment period will be open for 21 days after publication in the Federal Register. Comments can be submitted through Regulations.gov and will be posted publicly.
