CHARTER OF THE JOINT CFTC-SEC ADVISORY COMMITTEE 

ON EMERGING REGULATORY ISSUES
 

(1)	 Committee’s Official Designation (Title). 

The committee's official designation is the “Joint CFTC-SEC Advisory 

Committee on Emerging Regulatory Issues." 

(2) Authority. 

This committee is a discretionary committee jointly established by the 

authority of the Commodity Futures Trading Commission (“CFTC”) and by the 

authority of the Securities and Exchange Commission (“SEC”), in accordance 

with the Federal Advisory Committee Act, as amended, 5 U.S.C. App. 2. 

Section 621 of the Consolidated Appropriations Act, 2010, P.L. 111-117 (HR 

3288) grants the CFTC and SEC the discretion to jointly fund this committee. 

(3) Objectives and Scope of Activities. 

The committee's objectives and scope of activities shall be to conduct public 

meetings, to submit reports and recommendations to the CFTC and the SEC 

and otherwise to serve as a vehicle for discussion and communication on 

regulatory issues of mutual concern and their effect on the CFTC’s and SEC’s 

statutory responsibilities. Subjects to be addressed by the committee shall 

include, but will not be limited to, identification of emerging regulatory risks, 

assessment and quantification of the impact of such risks and their 

implications for investors and market participants, and the agencies’ efforts on 

regulatory harmonization. The committee shall work to develop clear and 

specific goals toward identifying and addressing emerging regulatory risks, 

protecting investors and customers, and furthering regulatory harmonization, 

and to recommend processes and procedures for achieving and reporting on 

those goals. 

(4) Description of Duties. 

In accordance with the provisions of Section 9(b) of the Federal Advisory 

Committee Act, 5 U.S.C. App. 2, § 9(b), the duties of the committee shall be 

solely advisory. Determinations of action to be taken and policy to be 

expressed with respect to the reports or recommendations of the committee 

shall be made by the respective agencies. 

(5) Agency or Official to Whom the Committee Reports. 

The committee shall submit its reports and recommendations to the Chairman 

of the CFTC, acting on behalf of the CFTC, and to the Chairman of the SEC, 

acting on behalf of the SEC. 
 

(6) Support. 

The CFTC and the SEC will jointly support this committee. 

(7) Estimated Annual Operating Costs and Staff Years. 

The estimated annual operating costs are approximately $150,000. We 

estimate that 1.5 staff years per year of CFTC personnel time and 1.5 staff 

years per year of SEC personnel time will be needed to support the 

committee on a continuing basis. 

(8)	 Co-Designated Federal Officers. 

There shall be two co-designated federal officers of the committee. The 

Chairman of the CFTC shall appoint a CFTC employee to serve as one codesignated federal officer of the committee and the Chairman of the SEC 

shall appoint an SEC employee to serve as the other co-designated federal 

officer of the committee. The co-designated federal officers, acting jointly, 

shall approve or call all of the advisory committee’s and subcommittees’ 

meetings, prepare and approve all meeting agendas, adjourn any meeting 

when they jointly determine adjournment to be in the public interest, and chair 

meetings when directed to do so. The co-designated federal officers shall 

attend all committee and subcommittee meetings. The Chairmen of the 

CFTC and of the SEC shall serve as Co-Chairmen of the advisory 

committee. 

(9) Estimated Number and Frequency of Meetings. 

The committee shall meet at such intervals as are necessary to carry out its 

functions. It is estimated that meetings of the committee will occur six times 

per year. 

(10) Duration and Termination. 

The committee shall operate for a term of two years from the date this charter 

is filed with Congress unless either the Chairman of the CFTC or the 

Chairman of the SEC shall direct that the committee terminate on an earlier 

date. After this two-year period, the charter may be renewed as authorized in 

accordance with Section 14 of the Federal Advisory Committee Act. 

(11) Membership and Designation. 

Members shall be appointed and may be removed by either the Chairman of 

the CFTC or the Chairman of the SEC. No individual who is a registered 

federal lobbyist shall be appointed to serve as a member. Members may be 

appointed or removed at any time. Approximately 10-15 members shall serve 

on the advisory committee. 

Each member who is not a regular government employee shall serve on the 

committee as the representative of an organization or identifiable group of 

persons with interests affected by the work of the committee, unless it is 

specified at the time of appointment that the member is appointed to serve as 

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a special government employee. Representative members serve on the 

committee primarily in order to convey to the CFTC, the SEC, and the 

committee the views and interests of the organizations or groups they 

represent. 

(12) Subcommittees. 

The SEC and CFTC, or the co-designated federal officers of the committee, 

may jointly establish and dissolve subcommittees. Any subcommittees shall 

report to the advisory committee and not directly to the CFTC or SEC. 

Subcommittees may include as members individuals who are members of the 

full committee and/or other individuals. Members of subcommittees shall be 

appointed in the same manner as members of the committee. 

(13) Recordkeeping. 

Records of the committee and any subcommittees are maintained in 

accordance with CFTC records disposition schedule N1-180-00-1, Items 307, 

308, and 309 and General Records Schedule 26, Item 2 or other approved 

SEC records disposition schedule. Records of open committee meetings are 

available to the public on request. Other committee and subcommittee 

records are available to the public pursuant to the Freedom of Information 

Act. 

(14) Filing Date. 

This charter has been filed with the CFTC; SEC; the Senate Committee on 

Agriculture, Nutrition and Forestry; the House of Representatives Committee 

on Agriculture; the Senate Committee on Banking, Housing, and Urban 

Affairs; House Committee on Financial Services; the U.S. General Services 

Administration’s Committee Management Secretariat; and the Library of 

Congress. 

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