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From Securities Regulation Daily, July 21, 2014

Commissioner O'Malia to depart CFTC

By Lene Powell, J.D.

CFTC Commissioner Scott O’Malia announced his intention to leave the agency, cutting short his term which was set to expire in April 2015. His departure will be effective August 8, 2014, and will leave the agency with three Democratic commissioners and one Republican.

A strong supporter of technology, O’Malia served as Chairman of the Technology Advisory Committee and called for increased funding to build out the agency’s automated surveillance systems. Another area of focus included advocating for the energy end user community, drawing on his legislative background in which he served in various capacities relating to energy. In addition, he frequently emphasized the need for international cooperation and harmonization with foreign regulators to promote the efficient regulation of the global futures and swaps markets.

Industry reaction. The derivatives industry association FIA praised O’Malia’s work in promoting the use of technology, bringing the end-user perspective into the regulatory dialogue, and emphasizing the value of empirical data in the rule-making process.

"Scott was always willing to roll up his sleeves and dive into complex regulatory issues, and under his leadership the CFTC’s Technology Advisory Committee has developed into a remarkably effective forum for thoughtful discussion on the technological innovations that are transforming our industry,” said FIA President and Chief Executive Officer Walt Lukken.

O’Malia did not detail his future plans.

MainStory: TopStory CFTCNews

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