CFTC Should Reconsider Gensler Advisory, Wetjen Says

The main U.S. derivatives regulator should consider revising a policy that helped prompt a lawsuit by Wall Street lobbying groups because it extended the reach of rules to deals arranged in the country but held overseas, the agency’s acting chairman said.

The Commodity Futures Trading Commission should look at changing or withdrawing the November advisory, released under former chairman Gary Gensler, that sought to curb bank efforts to skirt the 2010 Dodd-Frank Act by automatically applying the trading rules to such transactions, Mark P. Wetjen, the acting chairman, told reporters after a speech at a legal conference in Washington yesterday.