Statement Of CFTC Commissioner J. Christopher Giancarlo Regarding The Final Rule On Amendments To The Definitions Of âPortfolio Reconciliationâ And âMaterial Termsâ For Purposes Of Swap Portfolio Reconciliation

I support the final rule amending the definitions of portfolio reconciliation and material terms for purposes of swap portfolio reconciliation. I commend the Commission and Division of Swap Dealer & Intermediary Oversight staff for replacing no-action relief with a rulemaking subject to a cost-benefit analysis and the notice and comment requirements of the Administrative Procedure Act.