CFTC Commissioner Blasts Division For Unapproved Probes

Law360, New York (July 23, 2013, 6:49 PM EDT) -- Commissioner Scott O'Malia of the U.S. Commodity Futures Trading Commission on Tuesday blasted the regulator's Enforcement Division for its approach to investigations of Commodities Exchange Act violations, arguing that such probes require commission approval.

A “radical procedural shift” that allows the Enforcement Division to launch Commodities Exchange Act investigations without commission approval “circumvent[s] the power of the commission,” the Republican commissioner said Tuesday in prepared testimony before a U.S. House panel. O'Malia argued that the CFTC's rules demand that the commissioners vet cases before investigations are...
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