Exchange Regulator Calls For Public Directors

Law360, New York (February 1, 2007, 12:00 AM EST) -- Seeking to avoid conflicts of interest at futures exchanges, the Commodity Futures Trading Commission issued guidelines Thursday calling for increased public representation in exchanges’ boardrooms.

The guidelines call for at least 35% of exchange boards to consist of public directors. Last summer, the commission had considered a 50% requirement.

The guidelines also direct each exchange to establish a regulatory oversight committee, composed entirely of public directors, to oversee the exchange’s daily performance. In addition, it calls on each exchange disciplinary panel to have at least one...
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