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As of January 31, 2023, there are 4840 open recommendations that still need to be addressed. 471 of these are priority recommendations, those that we believe warrant priority attention. Learn more about our priority designation on our Recommendations page.

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1 - 3 of 3 Recommendations, including 0 Priority Recommendations

Financial Technology: Additional Steps by Regulators Could Better Protect Consumers and Aid Regulatory Oversight

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1 Open Recommendations
Agency Recommendation Status
Commodity Futures Trading Commission The Chairman of the Commodity Futures Trading Commission should formally evaluate the feasibility and benefits to their regulatory capacities of adopting certain knowledge-building initiatives related to financial innovation. (Recommendation 13)
Open

In January 2020, CFTC described its efforts to address this recommendation, which were encouraging. As of October 2022, the agency had no updates on this recommendation. We will continue to follow up with CFTC staff to obtain updates on these efforts in the future.

Financial Services Regulations: Procedures for Reviews under Regulatory Flexibility Act Need to Be Enhanced

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1 Open Recommendations
Agency Recommendation Status
Commodity Futures Trading Commission The Commodity Futures Trading Commission should develop and implement specific policies and procedures for how it will consistently comply with RFA requirements and key aspects of Office of Advocacy and OMB guidance that include the following four elements: (1) processes for creating and maintaining documentation sufficient to support analysis of economic impact and alternatives; (2) processes for disclosing the methodology--including criteria for assessing significant economic impact and a substantial number of small entities--and data sources of economic analysis supporting certification determinations and regulatory flexibility analyses; (3) processes for considering to the extent practicable a rule's potential economic impacts on small entities, including for evaluating broad economic impacts of regulations in certification determinations and assessing alternatives that could minimize impact on small entities; and (4) in developing policies and procedures for section 610 reviews, include processes for determining which rules require review, posting notices of upcoming reviews in the Federal Register, maintaining documentation supporting the analysis and conclusions of RFA-required considerations, and establishing procedures for publicly disclosing the review or summaries (such as in the Federal Register or on the agency's website). (Recommendation 8)
Open

In June 2019, CFTC staff told us that they formed a working group to enhance its implementation of RFA requirements. While this working group has begun drafting compliance procedures for RFA reviews, the procedures are incomplete and CFTC staff said it will have to finish updating the "small entity" definition before it can complete these procedures. In April 2022, CFTC staff said they continue to work on development of regulatory proposals for updated small-entity definitions as well as other RFA policies and procedures that address GAO's recommendations. Until CFTC finalizes and implements

Financial Regulation: Clearer Goals and Reporting Requirements Could Enhance Efforts by CFTC and SEC to Harmonize Their Regulatory Approaches

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1 Open Recommendations
Agency Recommendation Status
Commodity Futures Trading Commission 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.
Open

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

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For questions about a specific recommendation, contact the person or office listed with the recommendation. For general information about recommendations, contact GAO's Audit Policy and Quality Assurance office at (202) 512-6100 or apqa@gao.gov.