Commodity Futures Trading Commission Chairman signals joint SEC requests for comment on portfolio margining and swap data reporting

The Commodity Futures Trading Commission published keynote remarks in which Chairman Michael S. Selig said he is working with SEC Chairman Atkins to harmonize policymaking and oversight across securities and derivatives markets, with both agencies expected to issue joint requests for comment as a first step toward completing rules on portfolio margining and swap data reporting. In the speech, he framed the effort as a response to increasingly overlapping CFTC and SEC jurisdictions and pointed to closer coordination in rulemaking, supervision and enforcement rather than a standalone CFTC policy change. Selig cited a memorandum of understanding, a joint harmonization initiative, participation in the SEC's Project Crypto and work on a crypto asset taxonomy as examples already under way. He said coordination on swap data reporting is intended to better align CFTC requirements with SEC Regulation SBSR, reduce discrepancies between the two regimes and improve data quality and usability. He also called for greater coordination between FINRA and NFA, including coordinated examinations, more alignment in recordkeeping and surveillance, and shared approaches to emerging risks, while noting that parallel enforcement actions and information sharing have reduced the risk of duplicative or inconsistent outcomes.