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As of October 25, 2020, there are 4812 open recommendations, of which 473 are priority recommendations. Recommendations remain open until they are designated as Closed-implemented or Closed-not implemented.
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Recommendation: To help ensure that CFTC and SEC are strategically positioned to implement the joint report's recommendations and address remaining harmonization opportunities, as CFTC and SEC continue to develop the charter for the Joint Advisory Committee, the Chairmen of CFTC and SEC should take steps to establish, with associated time frames, clearer goals for future harmonization efforts and requirements for reporting and evaluating progress toward these goals. Specifically, the agencies could benefit from formalizing a plan to assess implementation of the joint report's recommendations and harmonization opportunities that may not have been fully addressed by the joint report, such as differences in market structure and investor definitions. Such a plan could include goals for future harmonization efforts, such as time frames for implementing the recommendations; assessment of whether remaining differences in statutes and regulations result in inconsistent regulation of similar products and entities that could lead to opportunities for regulatory arbitrage; and periodic reports to Congress on their progress, including the implementation and impact of the recommendations.
Agency: Commodity Futures Trading Commission Status: Open
Comments: In July 2018, the CFTC and SEC Chairmen signed an updated version of a Memorandum of Understanding (MOU) originally signed in 2008. The new MOU created an updated framework for information sharing to make it easier for the two agencies to share information. A CFTC official noted that the MOU underscored two agencies' commitment to addressing harmonization efforts. In addition, CFTC officials identified examples of harmonization areas where CFTC and SEC have made some additional progress. This recommendation remains open until CFTC identifies steps taken to create a plan for assessing progress on working with SEC on remaining harmonization opportunities.
